Differences among public and private sector risk assessment exist mainly because of the variation in their primary objectives. Primarily, the government is tasked with the responsibility of preserving the lives and social welfare, individual rights, balance interests as well as protect the property of particular populations.
Additionally, the government exists to advance politically defined or agreed purposes and values. As such public risk assessment and management initiatives are formulated with the intention of fulfilling these objectives. Essentially, the public sector is required to do whatever is necessary to protect the citizenship and its property, while the private sector risk assessment decisions must reflect business reality.
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Public and private risk assessments differ mainly since the government authority is founded on constitutionally derived powers as well as the explicit relationship between the state and its citizens is not replicated in the private sector.Notably, for the private sector, the public is made of potential consumers and shareholders.
Lastly, another difference the nature of potential risks encountered by private sector risk managers and public sector risk managers. Progressively, attention and resources in the public sector are being directed to prevention or mitigation efforts, though the focus is still on preparedness, response, and recovery. Conversely, the private sector, places more emphasis on technological and human-induced crises that are naturally preventable.
Nathan J. A. (2013) China at the tipping point. Journal of Democracy, 24 (1), 19-25.
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