Authors: Bruce Newsome
Addresses: International Relations, University of California, Berkeley, California, USA
Abstract: Known strategies for responding to risk or insecurity help us to establish our options, make choices, follow best practices, behave commonly or interoperably with our partners and communicate about our behaviours with a common understanding. Unfortunately, different risk management authorities offer incompatible or incomplete strategies. For instance, no authority admits diversification, a routine strategy in many domains, especially finance. Similarly, no authority explicitly admits the possibility of turning a risk from negative to positive. This article reviews what is meant by a strategy, reviews and aligns currently prescribed strategies and rationalises the following strategies in detail: tolerate; treat (which sometimes leads to terminate); turn; take; transfer; and thin.
Keywords: risk management; security management; interoperability; tolerate strategy; treat strategy; turn strategy; take strategy; transfer strategy; thin strategy; diversification; risk strategies; security strategies; insecurity.
International Journal of Risk Assessment and Management, 2015 Vol.18 No.1, pp.89 - 104
Available online: 18 Mar 2015 *Full-text access for editors Access for subscribers Purchase this article Comment on this article