Summary of Organized Uncertainty

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Rating

6 Overall

4 Applicability

7 Innovation

5 Style

Recommendation

Michael Power takes an academic look at how risk analysis has become risk management since the 1990s and how the present demand for greater business accountability is turning risk management into risk governance. The ideas in the book are solid, and not as opaque as Power’s academic argot (“managerialization,” “scientificity,” “scientization”) may make them seem. Constant explanations of detailed studies and risk models become somewhat complex for the general reader, but getAbstract recommends this informed and informative analysis to risk management professionals and professors who will appreciate Power’s depth of knowledge.

In this summary, you will learn

  • How and when risk analysis became risk management
  • How it is now becoming risk governance
  • Why businesses need greater risk management regulation and clearer best practices
 

About the Author

Michael Power is a professor at the ESRC Centre for Analysis of Risk and Regulation and the London School of Economics. A fellow of the Institute of Chartered Accountants in England and Wales, he writes frequently about accounting and risk management.

 

Summary

How Can You Organize Risk?
From a practical standpoint, risk management often involves quantifying risk and creating precautionary controls. As all risk managers know, however, some precautions don’t work. In fact, shareholders and companies pay dearly when employees circumvent internal...

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