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Global Risk Management

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  • Pate-Cornell, M Elisabeth

Abstract

Industries that deal with hazardous systems are faced with the task of managing a spectrum of risks within resource constraints. They have essentially two options that can be combined in a global risk-management strategy: insurance (loss sharing) and risk mitigation through technical and organizational measures. In this article, global risk-management strategies based on probabilistic risk analysis and its extension to include management factors are described. Some issues and solutions are illustrated through practical examples, drawn mostly from the recent research of the Industrial Engineering Risk Research Group at Stanford (the tiles of the U.S. Space Shuttle, offshore platforms! marine pipelines, and anesthesia in modern hospitals). Copyright 1996 by Kluwer Academic Publishers

Suggested Citation

  • Pate-Cornell, M Elisabeth, 1996. "Global Risk Management," Journal of Risk and Uncertainty, Springer, vol. 12(2-3), pages 239-255, May.
    • Handle: RePEc:kap:jrisku:v:12:y:1996:i:2-3:p:239-55
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    Cited by:

    1. Bernard Sinclair-Desgagné, 2000. "Environmental Risk Management and the Business Firm," CIRANO Working Papers 2000s-23, CIRANO.
    2. Tol, Richard S. J., 1998. "Climate change and insurance: a critical appraisal," Energy Policy, Elsevier, vol. 26(3), pages 257-262, February.

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