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Lecture

Introduction to Risk Management

In course

ENG-430: Risk management

This course provides students with the opportunity to acquire the methods and tools necessary for modern risk management from an engineering perspective. It emphasizes stakeholders, resources, and objectives, while ensuring economic and social sustainabili ...

Description

This lecture introduces the fundamental concepts of risk management, emphasizing the importance of understanding and analyzing hazardous situations to propose effective risk reduction measures. It covers the history of major accidents, the uncertainties of the future, and the complexities of risk dimensions. The instructor provides insights on risk analysis methods, the relationship between risk and hazard, and the necessity of new regulations post-recent accidents. Through practical examples and case studies, students learn to identify, quantify, and manage risks effectively.

Instructor

Thierry Meyer

Thierry Meyer received in 1986 a diploma degree (MSc) in chemical engineering from the Swiss Federal Institute of Technology at Lausanne (EPFL). He was awarded in 1989 a PhD at EPFL for his thesis on micromixing in highly viscous polymeric media. He joined the Institute of Chemical Engineering from 1989 till 1993 as senior scientist in the field of polymerization reactions. In 1994 he joined Ciba-Geigy SA in the pigment division as successively development chemist, head of development a.i. and finally production manager for high performance pigments. Returning to the Institute of Chemical Engineering at EPFL in Lausanne by the end of 1998, he was nominated maître denseignement et de recherche (MER) for leading a new research group in the field of polymers and supercritical fluids, and teaching to chemists, chemical engineers and material sciences, disciplines as process development, introduction to chemical engineering, polymer and organic chemistry at master and bachelor program. In 2005 he owned the responsibility of the Occupational Health and Safety of the school of basic sciences on top of his research activities dealing with risk management and supercritical fluids. He is presently teaching introduction to chemical engineering at bachelor level, risk management at master level and specific courses on safety and engineering risk management in continuing education. He acts also as consultant and expert in risk assessment and chemical engineering matters by the ICC (International Chamber of Commerce) of the World Business Organization, by several consultancy companies and by major and SMEs chemical industries. Thierry Meyer is currently member of several international associations of the European Federation of Chemical Engineering, American institution of chemical engineering, American chemical society and senior member of the American Institute of Chemical Engineers. He was elected chairman of the European Working Party on Polymer Reaction Engineering from 2001 till 2006. He his currently the Swiss academic member of the European Working Party on Loss Prevention and Safety Promotion as well as of the European Working Party on Education. He is member of several editorial boards: Chemical Engineering Research and Design, Macromolecular Reaction Engineering, Chemical Engineering and Technology, Journal of Chemical Health and Safety.

Official source

Ontological neighbourhood

Business

Business administration: Risk management

Related concepts (32)

Financial risk management

Financial risk management is the practice of protecting economic value in a firm by managing exposure to financial risk - principally operational risk, credit risk and market risk, with more specific variants as listed aside. As for risk management more generally, financial risk management requires identifying the sources of risk, measuring these, and crafting plans to address them. See for an overview. Financial risk management as a "science" can be said to have been born with modern portfolio theory, particularly as initiated by Professor Harry Markowitz in 1952 with his article, "Portfolio Selection"; see .

Risk management

Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.

Risk

In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. The international standard definition of risk for common understanding in different applications is "effect of uncertainty on objectives".

Market risk

Market risk is the risk of losses in positions arising from movements in market variables like prices and volatility. There is no unique classification as each classification may refer to different aspects of market risk. Nevertheless, the most commonly used types of market risk are: Equity risk, the risk that stock or stock indices (e.g. Euro Stoxx 50, etc.) prices or their implied volatility will change. Interest rate risk, the risk that interest rates (e.g. Libor, Euribor, etc.) or their implied volatility will change.

Risk assessment

Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. More precisely, risk assessment identifies and analyses potential (future) events that may negatively impact individuals, assets, and/or the environment (i.e. hazard analysis).

Related lectures (33)

Risk Management: Introduction and Major Accidents

Covers the basics of risk management, major accidents, and the uncertainties of the future in decision-making processes.

Risk Perception: Understanding Society's Perception of Risk

Delves into society's perception of risk, risk estimation, residual risk, and safety culture.

Financial Risk Management: Concepts and Applications

Covers the fundamentals of financial risk management, including types of risk, historical developments, regulatory events, and the challenges in quantitative risk management.