The emergence of risk-based regulation and the new public risk management in the United Kingdom

Abstract

Discusses the emergence of public risk management, with particular attention to ARROW, the system of risk based regulation under the framework of the Financial Services Authority. Outlines the four main arguments given as to why public risk management is significant, highlighting: (1) the choices made about how to operationalise regulatory objectives; (2) the paradoxes of risk based regulation; (3) the strategies of meta regulation; and (3) risk based management and the parameters of blame.