Risk-based approaches to governance are widely promoted as universally applicable foundations for improving the quality,efficiency,and rationality of governance across policy domains.Premised on the idea that governance cannot eliminate all adverse outcomes, these approaches provide a method for establishing priorities and allocating scarce resources, and, in so doing, rationalise the limits of what governance interventions can, and should, achieve.Yet cursory observation suggests that risk-based approaches have spread unevenly across countries. Based on a comparison of the UK, France, and Germany, this article explores the ways in which, and why, such approaches have “colonised”governance regimes in the UK, but have had much more limited application in France and Germany.We argue that the institutionally patterned adoption of risk-based governance across these three countries is related to how entrenched governance norms and accountability structures within their national polities handle both the identification and acceptance of adverse governance outcomes.

/pdf/risk-and-the-limits-of-governance-exploring-varied-patterns-35i19m8vi0.pdf

Risk and the limits of governance: Exploring varied patterns of risk‐based governance across Europe

Purpose – The purpose of this paper is to contribute to a better understanding of governance choice in the area of algorithmic selection. Algorithms on the Internet shape our daily lives and realities. They select information, automatically assign relevance to them and keep people from drowning in an information flood. The benefits of algorithms are accompanied by risks and governance challenges. Design/methodology/approach – Based on empirical case analyses and a review of the literature, the paper chooses a risk-based governance approach. It identifies and categorizes applications of algorithmic selection and attendant risks. Then, it explores the range of institutional governance options anddiscussesappliedandproposedgovernancemeasuresforalgorithmicselectionandthelimitations of governance options. Findings – Analysesrevealthattherearenoone-size-fits-allsolutionsforthegovernanceofalgorithms. Attention has to shift to multi-dimensional solutions and combinations of governance measures that mutually enable and complement each other. Limited knowledge about the developments of markets, risks and the effects of governance interventions hampers the choice of an adequate governance mix. Uncertainties call for risk and technology assessment to strengthen the foundations for evidence-based governance. Originality/value – The paper furthers the understanding of governance choice in the area of algorithmicselectionwithastructuredsynopsisonrationales,optionsandlimitationsforthegovernance of algorithms. It provides a functional typology of applications of algorithmic selection, a comprehensive overview of the risks of algorithmic selection and a systematic discussion of governance options and its limitations.

/pdf/governance-of-algorithms-options-and-limitations-59wjrmzwql.pdf

Governance of algorithms: options and limitations

The purpose of this article, and its companion article, is to examine the implications of the new European Securities and Markets Authority, established in January 2011. In the wake of the financial crisis, the case for institutional reform and for conferring regulatory and supervisory powers on a central EU authority became compelling. But any design for institutional reform of EU financial market regulation and supervision would have struggled to deliver an optimum model, given the necessity for compromise. The central difficulty is one of nuance. Where on the spectrum from national powers to EU powers, and with respect to regulation and supervision, should any new body’s powers be placed if optimum outcomes are to be achieved? The question is further complicated by the different dynamics and risks of centralising rule-making and of centralising supervision/enforcement, even if there is considerable symbiosis between these different activities. This article considers ESMA’s rule-making powers; it is accompanied by a companion piece on ESMA’s supervisory powers. It examines the considerable powers which ESMA has been granted in the rule-making sphere and argues that ESMA is likely to lead to significant intensification of the EU rule-book for financial markets. While a uniform rule-book carries risks, there are countervailing benefits. There are also promising signs that ESMA may become an effective rule-maker and may prove an effective mechanism for managing the risks of the intensifying rule-book. But the institutional design model is flawed. Treaty restrictions have led to a troublesome compromise in terms of ESMA’s design, particularly with respect to Commission control and ESMA independence. Overall, ESMA’s design is under-ambitious with respect to rule-making. By contrast, as the companion piece argues, the extent of ESMA’s supervisory powers, real and potential, may have pushed ESMA too high up the spectrum towards EU powers. Local supervision of the EU rule-book represents an important safety valve for the EU financial market, and should not be obstructed by over-centralisation. Once supervision was placed on the reform agenda, however, it was always going to be a challenge to draw the dividing line between ESMA’s powers and those of national competent authorities. The line may, however, have been drawn too far on the side of operational centralisation.

The European Securities and Markets Authority and institutional design for the EU financial market: a tale of two competences: part (1) rule-making

The Dispositif of Risk Management: Reconstructing Risk Management after the Financial Crisis

This article examines the performance of four 'new governance' techniques of regulation in the period leading up to the financial crisis: principles based regulation, risk based regulation, meta-regulation and enrolment These techniques have been advocated on the basis that they are responsive, flexible, and in enrolling others in the regulatory project thereby expand its capacity, and even its legitimacy However, experience in the crisis revealed that in their implementation they can be out of touch or indulgent, focus heavily on auditable systems and processes, and that in enrolling others they can increase vulnerabilities and the potential for negative endogenous effects The argument is not that there should be a return to adversarial 'command and control' regulation, rather that experience of these strategies in the crisis suggests a need to understand in greater depth the refractive effects of the organisational, technical/functional and cognitive dimensions of regulatory governance, if we are to understand and adapt its performance in different contexts

Paradoxes and failures: 'new governance' techniques and the financial crisis

This chapter identifies key aspects of the risk-based frameworks of eleven regulators in four countries across four sectors: environment, food safety, financial markets and health and safety. Risk-based frameworks contain real choices as to the types and levels of risk the regulator is prepared to tolerate. Risk-based regulation therefore requires regulators to take risks. In practice the risk-based frameworks themselves have risks and a regulator’s risk tolerance is ultimately driven by the political context. The chapter explores how these are addressed. Section 6.1 of this chapter defines risk-based regulation, explores the motivations for its adoption, sets out the main elements of risk-based frameworks, and provides some examples. Section 6.2 explores key questions that arise in practice with respect to each of these elements. Section 6.3 examines some of the main issues and challenges which have arisen in implementation. Finally, Section 6.4 discusses the evaluation of risk-based frameworks and identifies lessons learned.

/pdf/risk-based-regulation-2dlkid9l8m.pdf

Risk based regulation

Handle everyday research tasks with reliable, citation-backed results

Your personal Research Agent to handle research tasks with citation-backed results

Popular Tasks used by Researchers

How can I help with your research?

Meet SciSpace

Get more enhanced response by uploading the PDFs you want me to reference.

No relevant PDFs in your library

SciSpace is the AI research assistant for academics. Run systematic literature reviews on 280M+ papers, and write papers with cited sources. Trusted by 1M+ students, PhDs & researchers.

SciSpace | AI for Research

Analyze PDFs

Code & Manuscripts

Funding & Grants

Literature & Patents

Medical & Clinical Data

Systematic Review

Visualize & Present

Web & Data

Build a Google Scholar-like website for your research.

Build a website

Create charts and images for your research

Create a Chart

Write a paper for submission to a journal

Draft a manuscript

Patent Search

Design eye-catching scientific posters in minutes.

Scientific Poster Generation

Systematic Literature Review

One task is running at the moment. Your messages will be shown right after.

Drag and drop or click here to browse

Loved by <highlight>1 million+</highlight> researchers

Extract a list of specific topics and their sources from unstructured text

Topics

Compare and analyze relevant papers that matches with your search

Papers

Get insights from PDFs and bookmarked papers from your library

My library

Recent searches

Try searching for:

Catch AI-generated content in scholarly and non-scholarly content

{ai} Detector

Ai Writer

Get PDF Summaries, highlighted text explanations 

Chat with PDF

Effortlessly create in-text citations and bibliographies in APA and 2,500 other formats

Citation generator

Get explanations, summaries, and answers on academic papers

Ease up your research workflow with {scispace}'s cohort of exciting AI tools

Elevate your academic writing skills and convey your ideas the way you want

Paraphraser

Explore our range of reading and writing tools

Your file is being prepared and should be ready in a few minutes. If it's a large file, it might take a bit longer. You can close this window, and we'll email you the file when it's done.

You have reached a maximum limit of <strong>{limit}</strong> columns in the table. Remove at least <strong>1</strong> column to add or create another one.

Julia Black

Author Tools

Chat about Author

Papers

Risk based regulation