Risk as a Regulatory Idea

Abstract

This chapter discusses the ideational foundations of risk and its implications for regulation. It begins with an overview of the risk discourse, focusing in particular on the ‘bright’ and ‘dark’ sides of risk. On its ‘bright’ side, risk is viewed as an achievement of modernity; on its ‘dark’ side, it is described as a new technological and potentially uncontrollable hazard. The chapter then considers the roles played by risk in regulation and explains the distinction between regulation and risk regulation, along with the challenges posed by risk to public regulation. It also examines the contestability of risk and how risk differs from uncertainty, as well as the role of science and risk management principles in stabilizing risk regulation, taking into account the use of the precautionary principle and cost-benefit analysis. Finally, it analyses the rational–instrumental model of evidence-based regulation that distinguishes epistemic authority from governance authority in risk regulation.