Process Safety and Risk management in the high speed age

A good article called "Black swans turn grey -The transformation of risk" by Price Waterhouse Coopers highlights the following:

1. The boards of big organisations do not fully understand the risks that they are running
2. In the Internet age, speed and prejudice are all
3. Checks and balances at board level are critical.
4. Leadership and culture shape an organisation’s attitude to risk.

I think in a chemical industry "operational risk" is of greater importance that financial and strategic risks. As long as there are human beings involved in making decisions, there is a possibility of a process safety incident that has serious implications for the business. That's why I agree totally with the Baker Panel report suggesting that a person competent to understand process safety be on the board of Directors for Chemical Industries.
Read the article by PWC in this link.