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Order out of chaos - how can we organise risk regulation?

What are the perils of the 'known unknowns'? How do societies, organisations and individuals respond to them in fields such as pharmaceuticals, internet gaming and financial markets?

These topics are covered in the latest issue of Risk&Regulation|, the biannual magazine of the Centre for Analysis of Risk and Regulation, an ESRC-funded research centre at the London School of Economics and Political Science (LSE).

Former Wall Street trader and best-selling author Nassim Nicholas Taleb and philosopher Avital Pilpel debate the perils of using 'known unknowns' to predict the consequences of catastrophic events in Epistemology and risk management|. Nassim Taleb argues that the data on which market predictions are based is fundamentally flawed because knowledge about previous events is assumed to be adequate for understanding the frequency and impact of future events. Hindsight means that events become predictable after they have occurred. Are we always wise after the event?

Other articles include:

Monitoring adverse drug reactions: An odyssey of organizing
In pharmaceuticals and medicine, the worldwide withdrawals of Lipobay® and Vioxx® have led to closer inspection of the organization of reporting and regulation of 'adverse events'. The evolution of the international system of incident reporting and regulation is reviewed by David Demortain. Click here to read the full article|

Rational designs for organizing uncertainty
Mike Power's forthcoming book, Organized Uncertainty, concludes that risk management has been elevated from the management toolkit to become a platform for organizational governance. He says: 'Practitioners, regulators and policy makers need to look below the many surface celebrations of rational risk management to understand how and why organizations have a tendency to grow defensively oriented micro-structures, audit trails and systems.' Click here to read the full article|

Innovative regulatory responses to the problem of internet gaming
Colin Scott reports on the differences in national responses to regulation of internet gaming and considers whether the UK has chosen the best approach, whilst "Meet the Regulator" talks to Mike Wilson, Chief Executive of the Gangmasters Licensing Authority, and finds out what it is doing to combat exploitation of workers. Click here to read the full article|

All this, and much more, explored in the latest issue of Risk&Regulation. The magazine is available online at: Risk&Regulation Magazine|


Contact: Amy Greenwood, CARR, on 020 7849 4635 or at risk@lse.ac.uk|


About CARR
The ESRC Centre for Analysis of Risk and Regulation (CARR) is an interdisciplinary research centre at LSE. Our core intellectual work focuses on the organisational and institutional settings for risk management and regulatory practices. See Analysis of risk and regulation|

About ESRC
The ESRC is the UK's largest funding agency for research and postgraduate training relating to social and economic issues. It provides independent, high quality, relevant research to business, the public sector and Government. At any one time the ESRC supports over 4,000 researchers and postgraduate students in academic institutions and research policy institutes. See www.esrcsocietytoday.ac.uk|

15 May 2007