Entry
Reader's guide
Entries A-Z
Subject index
Risk Analysis
THE SOCIETY for Risk Analysis defines risk analysis as “risk assessment, risk characterization, risk communication, risk management, and policy relating to risk.” The risks being assessed and considered are, in this context, risks to human health from activities and agents as diverse as bioterrorism, neglecting to use sunscreen, working at a location where soil is contaminated, eating improperly stored food, and driving while intoxicated.
Risk is a measure of the probability of harm from a given activity or agent, often calculated as the likelihood of one additional death per one million people. It is important to note that nothing is completely free of risk. The role of risk analysis is to measure and manage acceptable risks, not to eliminate harms completely.
Risk assessment is a statistical modeling technique that uses known exposures and harms to predict unknown exposures and harms. The Food Safety Risk Analysis Clearinghouse defines a fourstep process of hazard identification, hazard characterization, exposure assessment, and risk characterization that is typical of risk assessment in general. At each stage, it is possible for false assumptions or misunderstood analysis to result in an incorrect assessment of risks.
Hazard identification involves discovering what potential causes of harm could be present in the substance or situation being assessed. Accurate hazard identification depends both on knowing what substances cause what harms and on knowing which of those substances is likely to be present. In West Chicago, Illinois, for example, homeowners used radioactive thorium tailings from an old American Potash plant as garden fill because they did not know that a hazardous substance was present. Many companies who are now responsible for contaminated site clean-ups aver that, although they knew they were dumping chemicals into the local groundwater, they did not know that the chemicals were harmful. Because hazard identification has become refined over the past 50 years, it is now a standard part of major property transactions to have include a document search, survey of aerial photos, and walk of the grounds, looking for signs of potential contamination. Similarly, the Environmental Protection Agency (EPA) is requiring chemical manufacturers to document the qualities of substances that have been manufactured and used for years but about which little is known.
Long-Term Hazards
Hazard characterization focuses on evaluating potential adverse health effects from exposure. Two facts are at issue: whether any harms are caused and, if there is a harm, what dose causes it? Some hazards cause harms that only become visible many years later, making short-term health studies useless in characterizing the hazard. For example, asbestos in Georgia-Pacific's Ready-Mix joint compound caused a form of cancer that became apparent in victims more than 20 years after exposure; hormones in a popular anti-miscarriage medication of the 1940s turned out to cause cancer in daughters whose mothers took the drug, with symptoms appearing only as the daughters reached their early 20s. In both of these cases, earlier studies had indicated possible health risks, but the studies were concealed or deemed inapplicable. Similarly, the Dalkon Shield contraceptive was marketed as safe based on a study that was too short to properly measure risks of pregnancy.
...
- Business Fraud & Crimes
- Advertising Fraud
- Antitrust
- Arbitrage
- Bank Fraud
- Bankruptcy Fraud
- Bid Rigging
- Boycott
- Campaign Finance
- Canadian Mining Scandals
- Charity Fraud
- Cigarette Advertising
- Computer Hacking
- Copyright Infringement
- Corporate Criminal Liability
- Corporate Dumping
- Corporate Raiding
- Direct-Mail Fraud
- Economic Espionage
- Free Enterprise System
- Greenmail
- Hoarding
- Illegal Competition
- Industrial Espionage
- Insurance Fraud
- Interlocking Directorates
- Internet Fraud
- Kickbacks
- Labor Crimes
- Mail Fraud
- Market Manipulation
- Marketing Fraud
- Outside Directors
- Patent Infringement
- Predatory Practices
- Price Discrimination
- Price Fixing
- Puffery
- Redlining
- Revolving Door
- Small-Business Fraud
- Tariff Crimes
- Tax Evasion
- Trademark Infringement
- Tying Arrangements
- Unfair Trade Practices
- Unions
- Wire Fraud
- Companies
- A. H. Robins
- AAMCO
- Adelphia Communications
- Allied Chemical
- Allied Irish Banks
- American Cyanamid
- American Hospital Supply
- American Motors
- Anheuser-Busch
- Archer Daniels Midland
- Arthur Andersen
- AT&T
- B. F. Goodrich
- Banco Ambrosiano
- Bank of Credit and Commerce International
- Banker's Trust
- Barings Bank
- BASF
- Beech Aircraft
- Beech-Nut Nutrition
- Board of Directors
- Bre-X
- Canadian Mining Scandals
- Carl Karcher Enterprises
- Cendant
- Centennial Savings and Loan
- Chem-Bio
- Chevron
- Conoco
- Crédit Lyonnais
- Daiwa Bank
- Dow Chemical
- Drexel Burnham Lambert
- E. F. Hutton
- Eli Lilly
- Enron Corporation
- Film Recovery Systems
- Firestone Tires
- Fisher-Price
- G. D. Searle
- General Dynamics
- General Electric
- General Motors
- Georgia Pacific
- Global Crossing
- Great Electrical Equipment Conspiracy
- Gulf Oil Corporation
- IBM
- Imperial Food Products
- Investors Overseas Services
- ITT
- Johns-Manville
- Kerr-McGee
- Kidder, Peabody
- Lloyds of London
- Lockheed
- Madison Guaranty
- Merrill Lynch
- Metallgesellschaft
- Microsoft
- Morgan Grenfell
- Morton-Thiocol
- National Medical Enterprises
- NatWest Markets
- Northrop Grumman
- Owens Corning
- Pharmaceutical Industry
- Procter and Gamble, Inc.
- Revco
- Rite Aid
- Rockwell International
- Salomon Smith Barney
- Standard Oil
- Sumitomo
- Teledyne Industries
- Tyco International
- Unisys
- United American Bank
- United Fruit
- United States Steel
- Waste Management, Inc.
- WorldCom
- Consumers
- Advance Fee Scam
- Age Discrimination
- Automobile
- Bait and Switch
- Bank Fraud
- Beech-Nut Nutrition
- Bendectin
- Better Business Bureaus
- Breast Implants
- Caveat Emptor
- Charity Fraud
- Cigarette Advertising
- Consumer Deaths
- Contractor Fraud
- Credit Card Fraud
- Cyberstalking
- Dalkon Shield
- Direct-Mail Fraud
- Fertility Fraud
- Fisher-Price
- Gambling and Lotteries
- Identity Theft
- Impersonation
- Infant Formula
- Public Citizen Health Research Group
- Tampons and Toxic Shock
- Telemarketing Fraud
- Tobacco Industry
- Countries & Regions
- Africa
- Arab Nations
- Argentina
- Asia
- Australia
- Brazil
- Canada
- Canadian Mining Scandals
- Caribbean Islands
- Central America
- China
- Cuba
- Eastern Europe
- France
- Germany
- Greece
- Hong Kong
- Indonesia
- Ireland
- Israel
- Italy
- Japan
- Luxembourg
- Mexico
- Middle East
- Poland
- Russia
- Saudi Arabia
- Scandinavia
- Singapore
- South America
- South America
- Spain
- Switzerland
- Thailand
- United Kingdom
- United States
- Criminology & Justice
- Age Discrimination
- Ancient Mercantile Crime
- Art Fraud
- Board of Directors
- Bribery
- Capitalism
- Caveat Emptor
- Civil Forfeiture
- Class-Action Lawsuits
- Conflict Theory
- Consequences of White-Collar Crime
- Conspiracy
- Corporate Criminal Liability
- Corruption
- Crime Seriousness
- Critical Theory
- Differential Association
- Drug Trafficking
- Elite Crime
- Ethics
- Fear of Crime
- Felony
- Forensic Auditing
- Forgery
- Gender Discrimination
- Global Warming
- Globalization
- Hartung-Burgess Debate
- Human Trafficking
- Investigation Techniques
- Juries and Awards
- Justice, Department of
- Knapp Commission
- Legal Malpractice
- Military-Industrial Complex
- Misappropriation Theory
- Mollen Commission
- Money Laundering
- Multinational Corporations
- National White-Collar Crime Center
- Negligence
- Oligopoly
- Organized Crime
- Perjury
- Police Brutality
- Police Corruption
- Political Assassinations
- Pornography
- Prosecution
- Prostitution
- Public Corruption
- Racial Discrimination
- Racketeering
- Religious Fraud
- Respondeat Superior
- Risk Analysis
- Self-Control Theory
- Sutherland-Tappan Debate
- Techniques of Neutralization
- Financial & Securities Fraud
- Accounting Fraud
- Arbitrage
- Bad Checks
- Banco Ambrosiano
- Bank Fraud
- Bank of Credit and Commerce International
- Banker's Trust
- Bankruptcy Fraud
- Barings Bank
- Bendix Corporation
- Boesky, Ivan
- Bond Fraud
- Centennial Savings and Loan
- Check Kiting
- Commodity Fraud
- Counterfeiting
- Credit Card Fraud
- Currency Fraud
- Debt Restructuring Fraud
- Drexel Burnham Lambert
- Embezzlement
- Equity Funding Scandal
- Extortion
- Fiduciary Fraud
- Flaming Ferraris
- Insider Trading
- Investment Trust Fraud
- Nonprofit Organization Fraud
- Offshore Bank Accounts
- Offshore Entities
- Savings & Loan Fraud
- Securities Fraud
- Stock Fraud
- Teamsters Pension Fund
- Vatican Bank
- Government
- Bid Rigging
- Bribery
- Commodities Futures Trading Commission
- Corruption
- Defense Industry Fraud
- Environmental Protection Agency
- Federal Deposit Insurance Corporation
- Federal Trade Commission
- Food and Drug Administration
- Government Contract Fraud
- Government Procurement Fraud
- Graft
- HUD Scandals
- Iran-Contra
- Prisoners
- Securities and Exchange Commission
- Sentencing Guidelines.
- Tailhook Scandal
- Teapot Dome Scandal
- Laws
- Antitrust
- Bank Secrecy Act
- Boland Amendments
- Campaign Finance
- Celler-Kefauver Act
- Clayton Antitrust Act
- Clean Air Act
- Clean Water Act
- Comprehensive Thrift Act
- Computer Fraud and Abuse Act
- Consumer Product Safety Act
- Ethics Reform Act
- Fair Housing Act
- False Claims Act
- Federal Trade Commission Act
- Financial Crime Kingpin Statute
- Foreign Corrupt Practices Act
- Hart-Scott-Rodino Act
- Hobbs Act
- Insider Trading Sanctions Act
- Interstate Commerce Act
- Major Fraud Act
- Meat Inspection Act
- Occupational Carcinogens
- Occupational Safety and Health Act
- Pure Food, Drug and Cosmetics Act
- Racketeer Influenced Corrupt Organizations (RICO)
- Robinson-Patman Act
- Sherman Antitrust Act
- Toxic Substances Control Act
- Truth in Labeling
- Truth in Lending Act
- Witness and Victim Protection Act
- Medical & Healthcare Fraud
- People
- Agnew, Spiro
- Anderson, Jack
- Bakker, Jim and Tammy
- Benson, Michael L.
- Boesky, Ivan
- Braithwaite, John
- Bush, George H. W.
- Bush, George W.
- Butcher Brothers
- Capone, Alphonse
- Carnegie, Andrew
- Carson, Rachel
- Carter, Jimmy
- Clinard, Marshall
- Clinton, William J.
- Coffee, John C., Jr.
- Cohen, Albert K.
- Coleman, James W.
- Coolidge, Calvin
- Cressey, Donald
- Cullen, Francis T.
- Domhoff, G. William
- Edelhertz, Herbert
- Eisenhower, Dwight D.
- Fisse, Brent
- Ford, Gerald R.
- Frankel, Martin
- Geis, Gilbert
- Giuliani, Rudy
- Grant, Ulysses S.
- Green, Mark J.
- Holley, Louis Malcolm
- Hoover, Herbert
- Irving, Clifford
- Jesilow, Paul
- Jett, Joseph
- Johnson, Lyndon B.
- Keating Five
- Keating, Charles
- Kennedy, Robert F.
- Leeson, Nick
- Levi, Michael
- Levine, Dennis
- Madison, James
- Maxwell, Robert
- Milken, Michael
- Morgan, J. P.
- Nader, Ralph
- Nixon, Richard M.
- North, Oliver
- Pontell, Henry
- Reagan, Ronald
- Rich, Marc
- Roberts, Oral
- Rockefeller, John D.
- Roosevelt, Franklin D.
- Roosevelt, Theodore
- Ross, Edward
- Rusnak, John
- Short, James F. Jr.
- Shover, Neal
- Silkwood, Karen
- Simpson, Sally
- Sinclair, Upton
- Spitzer, Elliot
- Stanford, Leland, Sr.
- Stavisky, Serge
- Steffens, Lincoln
- Stewart, Martha
- Sutherland, Edwin H.
- Truman, Harry S.
- Vaughan, Diane
- Weisburd, David
- Wheeler, Stanton
- Whistleblowers
- Political Scandals
- Pollution
- Products
- Regulation
- Scams & Swindles
- Advance Fee Scam
- Art Fraud
- Bad Checks
- Bait and Switch
- Better Business Bureaus
- Bid Rigging
- Bond Fraud
- Charity Fraud
- Computer Hacking
- Consumer Product Safety Commission Act
- Contractor Fraud
- Counterfeiting
- Currency Fraud
- Daisy Chains
- Direct-Mail Fraud
- Grifters
- Home-Stake Swindle
- Nigerian 419
- Ponzi Schemes
- Real Estate Investments
- Scams
- Securities Fraud
- Stock Churning
- Sweepstakes Fraud
- War-Profiteering
- Work-Related Crimes
- Loading...
Get a 30 day FREE TRIAL
-
Watch videos from a variety of sources bringing classroom topics to life
-
Read modern, diverse business cases
-
Explore hundreds of books and reference titles
Sage Recommends
We found other relevant content for you on other Sage platforms.
Have you created a personal profile? Login or create a profile so that you can save clips, playlists and searches