The Institutionalization of Risk

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Abstract
The centrality of risk assessment and risk management to complex organizations testifies to the institutionalization of risk in modern society. Much of the writing on risk assessment and management deals with how decision makers struggle with uncertainty rather than calculable risk. The conceptualization of risk and uncertainty depends in part upon whether one focuses upon decision makers and their decisions or upon outcomes of decisions. Focusing on decision makers leads to concern with risk management whereas focusing on the decision or outcomes draws attention to risk analysis. The papers examined in this paper are primarily concerned with decision makers and risk management. In doing so, we examine the social construction of risks and their control, how intelligence gathering and processing affects risk analysis and management, and the latent functions of risk regulation.