The assessment and mitigation of risk is one of the more complex issues faced by smart regulators. Most regulators have devised strategies and developed tools to cope with this dimension: see for instance "Risk and Regulatory Policy: Improving the Governance of Risk" by OECD. The latest issue of the European Journal of Risk Regulation hosts inter alia a special symposium devoted to the operation of the Parliament’s own Science Unit: the Science and Technology Options Assessment (STOA). One of the articles addresses "The changing face of risk governance: Moving from precaution to smarter regulation” (by subscription or purchase.)
The EU definition of the precautionary principle in public decision making is given in another article: it concerns situations "where following an assessment of the available scientific information, there are reasonable grounds for concern for the possibility of adverse effects on the environment or human health, but scientific uncertainty persists. In such cases provisional risk management measures may be adopted, without having to wait until the reality and seriousness of those adverse effects become fully apparent."
The EU definition of the precautionary principle in public decision making is given in another article: it concerns situations "where following an assessment of the available scientific information, there are reasonable grounds for concern for the possibility of adverse effects on the environment or human health, but scientific uncertainty persists. In such cases provisional risk management measures may be adopted, without having to wait until the reality and seriousness of those adverse effects become fully apparent."
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