Citizens in the developed world are obsessed with risk. They see hazards all around them, while for most people life gets longer, better and...safer.

Governments, spurred on by a range of interest groups, continue to bring in new regulations in an apparent bid to protect people from all risks. To some extent, this approach may best be encapsulated in the Precautionary Principle, the zeitgeist of the 21st century:

“Where there are threats of serious or irreversible damage, lack of full scientific certainty shall not be used as a reason for postponing cost-effective measures to prevent environmental degradation.”

Unfortunately, such a formula only warns against risks, and does nothing to help evaluate benefits; it is of no help in rational decision making. And, to quote Alfred Adler: "The chief danger in life is that you may take too many precautions."

Follow the links to a presentation and paper on this topic presented at a recent Stockholm Network event for WTO negotiators in Geneva.

Successful risk management is crucial for all organisations, particularly in the private sector. Ascham Associates can help you to identify and prioritise the key risks for your business and work with you to develop a robust strategy to manage them.