ABSTRACT
This chapter discusses fundamental concepts, principles and approaches of risk management, including topics of risk governance. It shows how the cautionary principle is closely linked to the key risk management strategies of vulnerability and resilience management. Climate change risk is an example of both Uncertainty and Difference in values. The nuclear industry is subject to moderate levels of uncertainties, but rather high level of differences in values. The risk-informed strategy makes use of formal risk assessments to support decision-making. While avoiding risk means either selecting a path that avoids from the risk or taking action in order to fully eliminate the risk, risk transfer deals with ways of passing the risk on to a third party, for example, through insurance. If we give weight to the cautionary and precautionary principles and conclude that climate change risk is unacceptable, it is a policy decision, not a scientific one.
