Introduction

Perhaps you are waiting for a train or a bus. You may be on a peaceful beach or in a busy city street. Or maybe you are curled up at home, with a cup of tea at your side. Wherever you are, you are exposed to risk. These might be physical risks—the risk of being assaulted, or hit by a car. They could be financial risks, such as losing your wallet and its contents, or perhaps losing all your money if a bank goes bust. It could even be a risk to your reputation, such as being spotted in a less than desirable location. Of course, you hope to mitigate the risks. You are well aware that you should stand back from the platform edge when a train is coming; you know not to leave candles unattended. You don’t carry a wad of cash day-to-day, you hold onto the handrail, and you would check the weather forecast before hiking. But despite all of these precautions, risk remains. It is part and parcel of life. This book intends to explain—through well-known examples—how risk is managed in and for society on large scales, and why it is that without this reassurance we would not dare step out of the door, never mind build skyscrapers, drive a car, or move an oil rig.