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Risk Management in Regulatory Frameworks

Towards a Better Management of Risks

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Recent years have been marked by many catastrophic events both natural and man-made. Close interconnections mean that the impact of these crises has been felt throughout the world. Although many tools have been developed to manage risks successfully, there can be no doubt that many of the losses we have recently witnessed could have been prevented or minimized, in the context of an effective and well-balanced regulatory system. The goal of this publication is to provide insights and recommendations for policymakers on designing regulatory systems that result in an efficient, effective and transparent management of risks. It introduces a holistic model of a regulatory system, function by function and with real-life examples, which is based on the objective of managing risks effectively.

English

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Preface

Among the most unsettling, and paradoxical, consequences of globalization has been its effect on risks: while it has great potential to reduce the impact and likelihood of a number of risks – local and global, natural and manmade – it has also helped magnify and spread others. The increasingly complex and intertwined nature of global supply chains spanning continents and oceans has brought many benefits but also directly or indirectly contributed to a wide range of events resulting in loss of life, environmental degradation and economic hardship.

English

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