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Risk management and sustainable development: mutual lessons from approaches to the use of indicators

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  • P.C.R. Gray
  • P. M. Wiedemann

Abstract

Risk management and sustainable development are frameworks for studying and managing the environmental impacts of human actions; as such each requires indicators for monitoring, decision-making and communication. This paper compares the two frameworks as used in practice, and their experience of using indicators. Sustainable development is a systems-based concept with a long time horizon, a tendency to apply precaution in decisions, and a positive normative 'mission' (development). Risk management focuses on specific, linear chains of cause and effect over short time periods, is typically associated with cost-benefit decision-making, and concentrates on avoiding negative outcomes. However risk management is also potentially a tool for informing and implementing sustainability. Both risk and sustainability are multidimensional constructs which can be indicated in varied ways. The selection of indicators in both fields depends on technical (e.g. robustness, problem-orientation) and communicative criteria (e.g. truthfulness, informativeness, relevance, clarity and resonance). Lessons from risk indicators include a better understanding of communicative criteria such as resonance, and greater awareness of communication pitfalls. Sustainability indicators demonstrate the advantages of a participatory approach to selection for incorporating different values, echoing the experience of the US states' comparative risk assessment approach, as well as the need for a systematic perspective on problems leading to the use of multiple indicators. Risk management and sustainable development have much mutual relevance and could each benefit from more intensive exchange both generally, and regarding the use of indicators.

Suggested Citation

  • P.C.R. Gray & P. M. Wiedemann, 1999. "Risk management and sustainable development: mutual lessons from approaches to the use of indicators," Journal of Risk Research, Taylor & Francis Journals, vol. 2(3), pages 201-218, July.
  • Handle: RePEc:taf:jriskr:v:2:y:1999:i:3:p:201-218
    DOI: 10.1080/136698799376808
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    References listed on IDEAS

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    1. Michael Siegrist, 1997. "Communicating Low Risk Magnitudes: Incidence Rates Expressed as Frequency Versus Rates Expressed as Probability," Risk Analysis, John Wiley & Sons, vol. 17(4), pages 507-510, August.
    2. Branden B. Johnson & Paul Slovic, 1995. "Presenting Uncertainty in Health Risk Assessment: Initial Studies of Its Effects on Risk Perception and Trust," Risk Analysis, John Wiley & Sons, vol. 15(4), pages 485-494, August.
    3. World Commission on Environment and Development,, 1987. "Our Common Future," OUP Catalogue, Oxford University Press, number 9780192820808.
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    1. Jari Lyytimäki & Hanna Salo & Robert Lepenies & Leonie Büttner & Jyri Mustajoki, 2020. "Risks of producing and using indicators of sustainable development goals," Sustainable Development, John Wiley & Sons, Ltd., vol. 28(6), pages 1528-1538, November.
    2. Judit Oláh & Sándor Kovács & Zuzana Virglerova & Zoltán Lakner & Maria Kovacova & József Popp, 2019. "Analysis and Comparison of Economic and Financial Risk Sources in SMEs of the Visegrad Group and Serbia," Sustainability, MDPI, vol. 11(7), pages 1-19, March.
    3. Simon J. T. Pollard & Ray V. Kemp & Mark Crawford & Raquel Duarte‐Davidson & James G. Irwin & Roger Yearsley, 2004. "Characterizing Environmental Harm: Developments in an Approach to Strategic Risk Assessment and Risk Management," Risk Analysis, John Wiley & Sons, vol. 24(6), pages 1551-1560, December.
    4. Jay Whitehead, 2017. "Prioritizing Sustainability Indicators: Using Materiality Analysis to Guide Sustainability Assessment and Strategy," Business Strategy and the Environment, Wiley Blackwell, vol. 26(3), pages 399-412, March.
    5. Russell, Shona L. & Thomson, Ian, 2009. "Analysing the role of sustainable development indicators in accounting for and constructing a Sustainable Scotland," Accounting forum, Elsevier, vol. 33(3), pages 225-244.
    6. Burgherr, Peter & Hirschberg, Stefan, 2014. "Comparative risk assessment of severe accidents in the energy sector," Energy Policy, Elsevier, vol. 74(S1), pages 45-56.
    7. Wen-Dong Lv & Dan Tian & Yuan Wei & Rui-Xue Xi, 2018. "Innovation Resilience: A New Approach for Managing Uncertainties Concerned with Sustainable Innovation," Sustainability, MDPI, vol. 10(10), pages 1-25, October.

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