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New challenges for risk analysis: systemic risks

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  • Ortwin Renn

Abstract

Systemic risks are a product of profound and rapid technological, economic and social changes associated with three major transformations. They are characterized by high complexity, trans-boundary effects, stochastic relationships, and nonlinear cause-effect patterns with tipping points and often associated with less public attention than they deserve. The full range of sys-temic risks from natural hazards to cybersecurity will be used to illustrate these characteristics and their implications. Due to these characteristics, systemic risks are overextending established risk management and creating new, unsolved challenges for policy making in risk governance. Their negative effects are often pervasive, impacting fields beyond the obvious primary areas of harm. The paper relates to an integrative risk concept including evaluation criteria, different risk classes and corresponding management strategies for the handling of systemic risks. The paper argues that a deliberative approach is needed for risk management and policy making in risk governance to prevent, mitigate or control systemic risks.

Suggested Citation

  • Ortwin Renn, 2021. "New challenges for risk analysis: systemic risks," Journal of Risk Research, Taylor & Francis Journals, vol. 24(1), pages 127-133, January.
    • Handle: RePEc:taf:jriskr:v:24:y:2021:i:1:p:127-133
    DOI: 10.1080/13669877.2020.1779787
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    Cited by:

    1. Reis, Pedro Nogueira & Pinto, António Pedro Soares, 2024. "Unlocking portfolio resilient and persistent risk: A holistic approach to unveiling potential grounds," The North American Journal of Economics and Finance, Elsevier, vol. 73(C).
    2. Agbodoh-Falschau, Kouassi Raymond & Ravaonorohanta, Bako Harinivo, 2023. "Investigating the influence of governance determinants on reporting cybersecurity incidents to police: Evidence from Canadian organizations’ perspectives," Technology in Society, Elsevier, vol. 74(C).
    3. Natalia Trusova & Natalia Zakharova & Andrii Lysenko & Inna Kohut, 2022. "Risk-orientated management in the sustainable economic system of united agricultural enterprises," RIVISTA DI STUDI SULLA SOSTENIBILITA', FrancoAngeli Editore, vol. 0(2), pages 347-372.

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