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SOC205H5 (139)

Oct 24.doc

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University of Toronto Mississauga
Nicole Myers

← Assignment: ← Each question: 4 double spaced pages per question so in total you have 12 pages. ← Apa format ← Final test is on everything after the midterm but some ideas may be carried on ← ← ← RISK: • A way we communicate • We frame things as risk • Risk is everywhere • It regulates our behavior and it’s the way we choose how we are going to behave • Risk is the biggest business (ex. Insurance company) • Its about calculating the odds or chances • Insurance based actuarial tables (our chances) • Risk is a part of capitalism BECK – RISK SOCIETY • Instead of society being distributed by material goods we are not distributed by bads = which means that danger is acknowledged • Threat is created = refers to reflexivity; we create new risks by trying to control risk itself • Risk manufacturing: we create risk by managing it ISSUES WITH BECKS PERSPECTIVE • He is overstating the difference b/w old and modern type of risks • The risks now are not entirely new (aids now was black plague before) • Risks are not that under-regulated which means that we are just aware of them more so we are managing them more • End of traditional bonds: he argues that class is not important but the crituque is that depending on where you are in the class structure you encounter different types of risks • We talk about risk all the time now so we see it everywhere • The question then becomes – are there new risk or is it just a different way of looking at it ← CONTEMPORARY RISK CHARACTERIZED BY: • Conflict • Blame attribution o Someone is held responsible • Personal negotiation o How much you think of risk ← EWALD READING: • We are now once again concerned about disaster • The difference in the way we talk about disasters now is that before the disasters were due to GOD (god getting back at people) but now we blame HUMAN IMPACTS • So then we understand that humans have impacts on risk so then the PRECAUTIONARY PRINCIPLE comes in (ex. Bailing people out – we access the risk of releasing them back into community. This principle is about the CONCERN) • The principle is invoked in situations of uncertainty as we don’t know the probability and the potential of serious harm • With this principle – uncertainty is not an excuse (I didn’t know) – you MUST know and have knowledge, prepare for any possibility ← ERICSON AND DOYLE READING • They challenge beck’s statements • 3 things to keep in mind o insurers have always been selective about what/who they provide insurance for o insurers engage in a risk game, they make decisions around uncertainty everyday so they argue that beck doesn’t know how insurance operates o 4 aspects why insurance ignore terrorism (9/11)  no envision of total-loss  not in risk portfolio (hurriance in areas but there is no box where you can ask for protection against terrorism)  no individual exclusions (insurance for fire but there was no understanding that what if the fire started by terrorism)  business (everyone was buying for business so the premium was low) • risk gets turned – we start thinking of how risk operated o how risk can happen anywhere o risk about high-rises o new and recent constructions o new challenge o multiple ways in which you engage with insurance (CORRELATION RISK) o capital risk (ENTERPRISE RISK) • PML – whats the maximum loss • Risk has 2 dimensions (threat and opportunity) • Art is that insurance companies need to balance threat and opportunity • Insurance company models have been shifted around terrorism exposure (this is not calculatable) so they want to calculate this as risk now • Risk is n institutionalized way of knowing – making what we know as uncertain – certain THE NEW PENOLOGY – FEELEY AND SIMON • We now have different rationalities about punishment. New penology is not about punishing or rehabiliting. • The goal here is not to eliminate crime but to make it tolerable. Its not about REFORMING the offender but MANAGING the offender • This new perception does not treat the offender – the concern about people working in the institutions RM OF EVERYTHING • Risk is everywhere • RM of everything means: o Taming chances o Understanind future uncertainty o RM gives us a sense or our ability to control o RM tries to manage and control/shift these risks o Risk is vague to it can mean different things to different people so its about HOW TO manage a certain type of risk o PRIMARY RISK  Ex. Students that go to school in an elementary school would be the PRIMARY risk.  Is the school producing good students/smart students  Are good citizens being created o SECONDARY RISK  Refers to reputation  Reputation risk management – the impact of your reputation  Experts become reluctant to make decisions  Ex. Of school; the secondary risk would be the reputation of the school having a VIOLENT school  Concerns of reputation very much lead to a defensiveness  Documenting everything – management of organizing, there is a need to be transparent about what you are doing  RM intensifies a process Reputational Risk Management - increased concern about reputation - reputation new ‘risk object’ - organizations more actively engaged in managing scandals, errors, or actions - amplified by social and institutional forces beyond the control of individuals and organizations - trying to bring level of control to ‘outside forces’ beyond their control Documenting Due Diligence - negative effects manageable by turning the organization ‘inside out’ - being completely transparent about
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