Vulnerability and Risk: Some Thoughts From A Political and Policy Perspective A Discussion Paper prepared for Columbia-Wharton/Penn Roundtable on "Risk Management Strategies in an Uncertain World"

Introduction In this essay we explore some distinctions between vulnerability-based and risk-based approaches to management of extreme events. We use the word "vulnerability" to describe inherent characteristics of a system that create the potential for harm but are independent of the probabilistic “risk” of the occurrence of any particular hazard or extreme event. We distinguish between the “risk” of an event, say a Category 5 hurricane, and the “risk” of a particular outcome, say $10 billion in losses from a particular hurricane. The latter definition of “risk” integrates both the characteristics of a system and the chance of the occurrence of an event that jointly result in losses. Our point in this essay is to consider separately vulnerability and risk, and the implications of such a distinction for thinking about the policy and politics of risk and vulnerability management.