Risk Engineering

Risk regulation, liability and insurance as risk treatment mechanisms


Overview

Society uses multiple mechanisms to control the risk of hazardous activities:

  • regulation: technological or organizational prescriptions
  • liability regimes such as tort law: obligation to compensate victims
  • soft law and self-regulation: voluntary standards of behaviour associated with social sanctions for firms that do not engage in the process
  • insurance to ensure that victims are compensated for the monetary component of a loss

This slideset describes these different mechanisms and attempts to answer:

  • what are the advantages and disadvantages of each mechanism?

  • to what extent are they complementary?

This submodule is a part of the risk management module.

Course material

Risk regulation, liability and insurance as risk treatment mechanisms

Lecture slides (PDF)
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Other resources

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