ABSTRACT
This chapter discusses different modes of uncertainty management, especially minimising versus coping with uncertainty and their consequences for the functioning of organisations. It also discusses as an overarching principle the importance to manage uncertainties in a way that provides the best possible match between power, control and accountability. Risk management entails the identification and evaluation of risks, decisions on measures for handling the risks, and risk communication. Financial Services firms need certain structures and standards to ensure responsible handling of investment risks, whereas nuclear power plants face requirements for handling non-routine situations and for innovation in response to technological and regulatory developments. One fundamental difference between the Financial Services industry and other high-risk industries like process industry or transportation renders the uncertainty management perspective particularly interesting. The Financial Services industry is the prime example of the not so common opposite tendency to seek uncertainty and promote risk-taking as a competitive advantage.
