Risk management

“ All who contribute in bearing the risks of industry demand to be kept informed of the policies and actions of the management. In ever extending circles men share in the responsibility for action taken in their name. It is a truism
that risk is diminished and tends to disappear as it is distributed over greater and greater num- bers. Under our present political system na- tions are carrying a tremendous risk in interna- tional affairs they are risking their wealth, the lives of their citizens, their own very existence. ”

“ Paragraph (4) shall apply if the risk assessment made under paragraph (1) of regulation 3 of the Management of Health and Safety at Work Regulations 1992 (a) [4] indicates that the employer concerned, having adopted all appropriate techniques for collective protection, and measures, methods or procedures used in the organisation of work, cannot avoid or adequately reduce risks to employees except by the provision of appropriate safety signs to warn or instruct, or both, of the nature of those risks and the measures to be taken to protect against them. ”

“ All decisions about matching resources to tasks involve a degree of risk. Identifying, quantifying, managing, and where possible mitigating those risks is one of the basic responsibilities of the management of the Agencies. ”

“ It is probable that risks would be estimated and undertaken more wisely or less wisely under a different system of society or of industrial organization? Upon this issue, methods of precise analysis are out of place, but we may have something to learn from the emphatic testimony of tradition. It has become an axiom of business men that, while Governments can manage with more or less competence a safe and routine business like a Postal Service, their success would be unlikely to prove conspicuous in undertakings where the element of risk is great. ”

“ Employers should conduct an individualized assessment of four factors in determining whether a direct threat exists: the duration of the risk; the nature and severity of the potential harm; the likelihood that the potential harm will occur ”

“ It is, however, exceedingly difficult to define precisely, what import or value we are to attach to our ideas of safety, even in many of the ordinary occurrences of life. As in all cases involving risk of any kind, the idea of safety can only be taken in a qualified sense. ”

“ The rule deducible from them is, that the measure of care against accident, which one must take to avoid responsibility, is that which a person of ordinary prudence and caution would use if his own interests were to be affected, and the whole risk were his own. ”

“ Both workman and employer are in many ways interested in providing against danger from fire, bad ventilation and lighting, bad sanitation, unprotected and dangerous machinery, and bad moral conditions in the factories and other places of work. What can the workman do to protect himself? (1) He may refuse to work whenever the conditions are bad. But this requires that he inspect the factory and judge of the sanitary conditions in each case, and that he then resist the temptation to accept employment of which he may be sorely in need. (2) He may ask higher wages to compensate for the added risk. ”

“ The policy-holder's. For what? To defeat one of the policy-holders in a contest for a claim no doubt as honest as any one of the others will present in his turn.
But suppose that this was not an honest claim; suppose that Colonel Dwight was not a "good risk," is it not a rather suggestive indication of the value of the medical examinations by the expert medical examiners and directors of twenty-one life-insurance companies? A risk good enough to "pass" some forty-five doctors employed by, and for the protection of, the companies is, on the face of it, a good enough risk to pay. ”

“ The tips of sinew quivered as if Sleth Forander were fighting to restrain their power. George tried to ignore their closeness and went on. "There's a principle here," he said. "A very basic principle. Risk. You have to take a risk every time to take a step ahead. Risk to your vulnerable parts, whether it be in your physical body or your secret dreams.
"We learned that a long time ago. You have never learned it, because you demanded one hundred percent protection and no risk at all to your vulnerable spot. ”

“ Do not try to refute me with those rare and accidental cases, viz. that a circumspect person perishes, whilst the careless and unprotected one is saved. For the word safety means something quite different from the word risk. ”

“ Everyone recognizes the desirability of having such risks as those of fire, shipwreck, lightning, death, etc., assumed by certain individuals or companies who make a business of such risk-taking. A small premium is paid by the individual for protection, and he is freed from anxiety from mischance and is able to devote his whole energies and capital to his business; the insurance company has specialized in this one department and by equalizing the chances over a wide field has practically eliminated them. ”

“ Thus Insurance Companies, while they take heavy risks off the shoulders of policy-holders, incur relatively trifling risks themselves; they can predict the aggregate sums which they will be called upon to pay within a small margin of error. In the same way it might seem that every enlargement of the scale of business would make for an automatic insurance and a consequent economy of risk; and thus that if all businesses were comprised in a single financial unit, gains and losses would cancel out over so wide a range that the degree of risk remaining would be almost negligible. ”

“ The risk, computed in free and open market, will be nearly right. It is a kind of insurance against these risks, and the insurers and insured will calculate the rate of insurance better than Government can do it. ”

“ When the occurrence of any damage, albeit unpredictable in the current state of scientific knowledge, may seriously and irreversibly harm the environment, public authorities shall, with due respect for the principle of precaution and the areas within their jurisdiction, ensure the implementation of procedures for risk assessment and the adoption of temporary measures commensurate with the risk involved in order to preclude the occurrence of such damage. Article 6. Public policies shall promote sustainable development. ”

“ In an insurance community in which resources have been pooled for the purpose of life and property insurance against various kinds of risk or loss, insurees who pool resources to insure themselves against the same or related kinds of risk or loss shall form separate risk communities and shall pool resources in separate insurance funds covering these losses. ”

“ But while under the individual system everybody charged for the risk of loss, the losses in reality fell on only a part, and so the rest got something for nothing. When insurance companies were organized to distribute part of the risks, making those who did not lose, contribute to make up the loss of those who did, the risks of all were diminished, and the profit and interest charges on that account reduced. ”

“ The members of the Joint Select Committee risked my producing a revolver and shooting them when they admitted me to the room without having me handcuffed. And these risks are no unreal ones. Every day some child is maimed or drowned and some young man infected with disease; and political assassinations have been appallingly frequent of late years. Railway travelling has its risks; motoring has its risks; aeroplaning has its risks; every advance we make costs us a risk of some sort. And though these are only risks to the individual, to the community they are certainties. ”

“ When he starts in motion agencies which create risks for others, he should take all the ordinary and extraordinary risks involved; and the risk he thus at the moment assumes will ultimately be assumed, as it ought to be, by the general public. ”

“ Though this objection is hardly worth answering to men of business, yet it looks something fair to them that know no better; and for the information of such, I trouble the reader with a few heads:
First, they must consider the insurer is out no stock.
Secondly, it is but one risk the insurer runs; whereas the assured has had a risk out, a risk of debts abroad, a risk of a market, and a risk of his factor, and has a risk of a market to come, and therefore ought to have an answerable profit. ”

“ Now speculation has its proper place in business: there are certain inherent hazards that must be undertaken, mainly to be found in the risk of the seasons in the production of crops, and the risk of the future in undeveloped enterprise. These risks must be carried by somebody, but clearly they constitute an activity for specialists who study conditions, becoming relatively expert in determining how and when to act. ”

“ Of these cases, naturally, a large proportion were employés, whose occupation not only involves much necessary risk, but whose familiarity with risk causes them always to incur it even in the most unnecessary and foolhardy manner. ”

“ We will see that local governments fulfill their responsibilities, the competent government departments tighten regulation, and enterprises shoulder primary responsibility. We will make stronger efforts to give early-warning of risks, enhance risk prevention and control mechanisms, and build capacities for responding to risks. A fund for ensuring financial stability will be established, the deposit insurance system and industry guarantee funds will be brought fully into play, and market- and law-based methods will be used to defuse risks and potential dangers and to respond to external shocks. ”

“ Article 5
⁠The principle of giving priority to prevention and combining prevention with emergency response shall be adhered to in coping with emergencies. The State establishes a risk assessment system for serious emergencies, in order to make comprehensive assessment of potential emergencies, reduce the chance of their occurrence and mitigate their repercussions to the maximum extent. ”

“ The costs to society of the widespread use of products sold or distributed as modified risk products that do not in fact reduce risk or that increase risk include thousands of unnecessary deaths and injuries and huge costs to our health care system. ”

“ To manufacture, operate, transport, store or use dangerous articles, or to dispose of abandoned dangerous articles, production and operation entities shall abide by relevant laws and regulations, as well as the national standards or industry standards, establish a specific safety management system, adopt reliable safety measures, and subject themselves to the supervision and control by competent departments in accordance with the law. ”

“ Each Party shall ensure that each risk assessment it conducts is appropriate to the circumstances of the risk at issue and takes into account reasonably available and relevant scientific data, including qualitative and quantitative information. ”

“ We will implement the responsibility and management systems for workplace safety, carry out a three-year drive to promote workplace safety, and take effective steps to prevent major and serious accidents. ”

“ Risk is being assumed, traded, diversified out of, avoided, insured against. It gives rise to visions and hopes and it is the most efficient "economic natural selection" mechanism. To be a market participant one must assume risk, it in an inseparable part of economic activity. ”

“ Gradually there came about a specialization of risk-taking by the men most able to bear it. They could tell by experience about what was the degree of uncertainty, and could lay their wagers accordingly. ”

“ If, for example, a new enterprise is to be undertaken, the special knowledge and experience which its promoters possess is a vital factor in determining their estimate of the risk involved. An outsider with no special knowledge would necessarily require to estimate the risk far more highly if we were to form a rational opinion on the basis of his knowledge. So great, indeed, would be the risk to him, that we can lay it down as a sound maxim that people are extremely rash who invest their money in risky undertakings about which they know very little. ”

“ As to “risk,”—why, a carpenter cannot ascend to the top of a house to put the rafters thereon without risk; a chemist cannot investigate the properties of certain fumes without risk; you cannot even eat your dinner without risk. ”

“ The risk, which the producer runs until the commodity produced is actually consumed must also be borne in mind.637 There are things which are a real risk in small enterprises that by the intervention of an insurance company, or where the enterprises are large and insure themselves, become a more or less variable portion of the cost of production. The price of the product, in the latter instance, rises, by this means, very regularly. ”

“ But, independently of the expenses which eat up the premiums, it may be feared that in an anxious search after business, the examining physician may not be so rigid in his report as those of the older established companies; the lives admitted by the directors, therefore, not being so good as they should be for the ultimate safety of the office. It has been added, in support of this, that in some of these companies the mortality has been 40 per cent. more than it should have been, had proper care been taken. But are we not very ignorant of the laws which govern disease? ”

“ This fact is an exposition of the chances which assurance companies on the mutual principle must run, and of the dangers to which they are liable during any abnormal or remarkable period, when with no capital subscribed to back them, a plague in the shape of the cholera, or an epidemic like the small-pox, may prove that figures are not facts, and upset the most elaborate calculations or the most undeniable tables. ”