Risk Management

What is done about the risks that have been characterized by the risk assessment is called Risk Management. The decision to do nothing about the risk is called the "do nothing alternative." How risk management decisions are made depends on who is deciding. In general, here are the main variables that the risk manager will decide:

Risk and Uncertainty

• Is the site or situation a human health or environmental problem?
• What is the upper bound on the risk? Are these acceptable?
• Can feasible remediation do anything to reduce these risks?
• What are the uncertainties?

Cost

• Initial costs of remediation,
• Operations and maintenance costs,
• Administrative costs of supervision,
• Costs of more analysis and ongoing monitoring.

Schedule

• Has a schedule been promised?
• Is there a regulatory limit or permit time limit?

Value of Resources to be Protected

• Affected community's estimation of the value,
• Recreational or planned land use.

Regulatory

• Is the option allowed under state and federal law?
• Are there local ordinances that prohibit certain operations?

Political

• Is the Potentially Responsible Party (PRP) under pressure to clean up the site regardless of risk?
• Have the remediation options been communicated to the public and political bodies?
• Is the PRP or the government under pressure to demonstrate concern and sensitivity to local problems?

Economic

• Will the option hurt property values?
• Will the option increase local employment, bring money into the the area?

Technical Feasibility

• Are the proposed costs relevant to the risks?
• Can the end product be verified?
• Is budget available?

Environmental Justice/ Equity

• Does the option adversely affect underrepresented minority groups?
• Has the community been queried about their opinions of the options?

Any of the above bullets could be a full module for a course in risk management. Here we must glance at these and move on.

End of Submodule 12A

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