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While risk permeates every human endeavor, there are surprisingly few resources for engineers, scientists, and regulators. For example, if an engineer seeks to understand and manage the risks associated with building a structure, he will readily find information regarding statistical analysis and failure mechanisms but would be challenged to find a recommendation for holistic techniques and methods to measure risks, contextualize those risks, and efficiently manage those risks.  We are also facing the increasing impacts on risk related to: (1) climate change resulting in powerful storms; and (2) earthquakes. Such environmental factors are increasing hazards. Resources are readily available for monetary risk such as applications in the insurance industry and financial markets, as well as some applications in medical and epidemiology practice. While these types of risks certainly overlap the risks associated with engineered systems and scientific analyses, there are significant differences in the way those risks are most efficiently understood and managed. Furthermore, there have been recent advances in risk management specifically for engineers and scientists that are not yet well known.

The energy industry is a prime example of private industry generating risks to the public. The close proximity of energy infrastructure such as pipelines and power plants to the public—schools, residences, shopping centers, etc.– creates an obvious tension between for-profit enterprises and public well-being. Resolving this tension currently involves practices that are often inconsistent, subjective, and inefficient.  Even where more formal techniques exist to help decision makers, such as ALARP (As Low As is Reasonably Practicable), there is a significant absence of resources to guide in the efficient assessment of risks before managing those risks. This is true across all industries and is especially apparent where industry more significantly impacts the public.  Given the lack of tools and resources, it is not surprising that regulators and policy-makers are challenged to produce consistent and fair rules and enforcement.