Lecture

Risk Perception and Management

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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 concept of risk perception, discussing how society's perception of risk is influenced by culture, media, and economy. It also covers the residual risk remaining after risk reduction measures, safety culture, black swan events, and the stages of risk management. The instructor presents simplified risk management strategies and challenges in risk modeling.

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 (21)

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".

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).

Financial risk modeling

Financial risk modeling is the use of formal mathematical and econometric techniques to measure, monitor and control the market risk, credit risk, and operational risk on a firm's balance sheet, on a bank's trading book, or re a fund manager's portfolio value; see Financial risk management. Risk modeling is one of many subtasks within the broader area of financial modeling. Risk modeling uses a variety of techniques including market risk, value at risk (VaR), historical simulation (HS), or extreme value theory (EVT) in order to analyze a portfolio and make forecasts of the likely losses that would be incurred for a variety of risks.

Probabilistic risk assessment

Probabilistic risk assessment (PRA) is a systematic and comprehensive methodology to evaluate risks associated with a complex engineered technological entity (such as an airliner or a nuclear power plant) or the effects of stressors on the environment (probabilistic environmental risk assessment, or PERA). Risk in a PRA is defined as a feasible detrimental outcome of an activity or action. In a PRA, risk is characterized by two quantities: the magnitude (severity) of the possible adverse consequence(s), and the likelihood (probability) of occurrence of each consequence.

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