Socio-Cultural and Multi-Disciplinary Perceptions of Risk

Socio-Cultural and Multi-Disciplinary Perceptions of Risk

Yölande Goodwin, Kenneth David Strang
Copyright: © 2012 |Pages: 11
DOI: 10.4018/ijrcm.2012010101
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This is a review of the extant risk theory literature that hypothesizes new cross-cultural perceptions and multi-disciplinary techniques have emerged in risk management practice. Basic concepts in risk theory are introduced and then the generally accepted risk management framework is explained (identification, assessment, planning, and control). Global macro-environment factors and contemporary risk assessment practices are briefly explored. A multi-disciplinary socio-cultural meta-model of risk theory is developed. The paper concludes with ideas and proposes research questions for future studies.
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Literature Review

We certainly don’t want to review the history of risk but we do need to present a few basic definitions. The first point is that risk theories are multi-disciplinary (vanAsselt & Renn, 2011), covering a range of disciplines including economics, psychology, statistics, mathematics and philosophy, yet they are difficult to categorize since they integrate mathematics, statistics, and management science (Gigerenzer, 2002). “What is clear from this burgeoning body of research is that risk transcends a number of academic disciplines and also cuts across other boundaries– whether they are socio-technical, geopolitical, organizational, cultural, physical, or health related” (Smith & Fischbacher, 2009, p. 3).

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