What is Risk?

Risk is a potential harm to life, property or environment. The development of science and technology remained largely unquestioned during the period of rapid economic growth that followed the World War II. But by the1970s belief in progress was tempered by growing awareness of risks. Since the 1980s, the term ‘risk’ has acquired a pervasive and even intrusive presence in almost all institutionalized discursive fields in modern western societies like, technoscience, governance, mass media, economics, law and the military. Social amplification of risk is an important issue in the analysis of risk. Social amplification of risk refers to social consequences arising out of technical and economic risk.

Definition of Risk

Risk refers to a certain degree of probability of damage to health, environment and goods, in combination with the nature and magnitude of the damage. The classic formula for quantifying risk combines magnitude of damage and probability. Therefore,

Risk = Probability × Damage

Risk denotes a possibility that an undesirable state of reality (adverse effects) may occur as a result of natural events or human activities. This means that humans make causal connections between actions (or events) and their effects, and that undesirable effects can be avoided or mitigated if the causal events or actions are avoided or modified.

Risk assessment is viewed by government agencies and those in industry as the ‘sound science’ approach to decision-making, in which decisions are made on the basis of what can be quantified, without considering what is unknown or cannot be measured.

From a scientist’s perspective risk analysis is a process composed of three components: (i) risk assessment (ii) risk management, and (iii) risk communication.

Risks in Nanotechnology

History demonstrates that embracing a technology without a careful assessment of risks associated with it can be extremely costly from both human and environmental perspectives. The risk here is not only related to health and environment but also risks the very success of a promising technology. If the public is not convinced that nanomaterials are being developed in a way that identifies and minimizes negative consequences to human health and environment, a backlash with serious political overtones could develop, that delays, reduces, or even prevents the realization of many of the potential benefits of nanotechnology.

To know more about the risks associated with nanotechnology, please refer to the articles, presentations, and links available under "Resources" in this website.

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