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The broadening spectrum of reputation risk in organizations: banking on risk and trust relationships

Scott, Susan V.; Walsham, Geoff
Fonte: Department of Information Systems, London School of Economics and Political Science Publicador: Department of Information Systems, London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em //2004 Português
Relevância na Pesquisa
614.68574%
Globalizing knowledge economies foster conditions that intensify the role and value of organizational reputation risk. In a holistic, enterprise focused era reputation is a key strategic construct that can act as a boundary object linking communities within and between organizations. Yet approaches to its management tend to be reactive and remain under the hold of industrial society principles. In this paper we examine the influences fuelling a broadening in the spectrum of organizational reputation risk. Having noted the ambivalence that surrounds ‘risk positions’, we present a re-definition of reputation risk that encompasses the dynamics of contemporary risk and trust relationships. We explore the capacity of different trust forms to reduce complexity concerning the future and examine the potential of ‘active trust development’ as an approach to the management of reputation risk in organizations. This paper contributed to theoretical development of reputation risk in organizations through an analysis of recent literatures on risk, trust and reputation that links it to broader developments in society.

Banking on trust: managing reputation risk in financial service organizations

Scott, Susan V.; Walsham, Geoff
Fonte: Department of Information Systems, London School of Economics and Political Science Publicador: Department of Information Systems, London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /07/2002 Português
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612.94855%
In this paper we introduce concepts that build a theoretical notion of reputation risk and establish the need to extend our approach to managing such risk.. The existing literature on reputation risk has tended to be reactive and focus on immediate business threats rather than trying to understand cumulative or constituent processes surrounding trust relationships. We explore the notion of ‘active trust’ as a way of redesigning approaches to the management of risk. Our analysis focuses upon distinctive contemporary issues that illuminate the shifting relationships between financial service organizations and their stakeholders: namely the issues of governance, customer service and staff retention. Although part of the analysis concentrates on controversy and breakdown, risks can also induce opportunities; situations that are often viewed as corrosive may present an occasion for creative management. We suggest that proactive reputation risk policies and practices are needed that extend organizational vision beyond the boundaries of the firm to consider the implications of key societal developments.

When risk-based regulation aims low: approaches and challenges

Black, Julia; Baldwin, Robert
Fonte: Wiley-Blackwell Publicador: Wiley-Blackwell
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em 25/01/2012 Português
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601.31332%
Risk-based regulation is becoming a familiar regulatory strategy in a wide range of areas and countries. Regulatory attention tends to focus, at least initially, on high risks but low-risk regulatees or activities tend to form the bulk of the regulated population. This article asks why regulators need to address low risks and it outlines the potential difficulties that such risks present. It then considers how regulators tend to deal with lower risks in practice. A body of literature and survey-based research is used to develop a taxonomy of intervention strategies that may be useful in relation to low-risk activities, and, indeed, more widely. In an article to be published in the subsequent issue of this journal, we will then develop a strategic framework for regulators to employ when choosing intervention strategies and we will assesses whether, and how, such a framework could be used by regulatory agencies in a manner that is operable, dynamic, transparent, and justifiable.

Confluence and contours: reflexive management of environmental risk

Soane, Emma; Schubert, Iljana; Pollard, Simon; Rocks, Sophie; Black, Edgar
Fonte: Blackwell Publishing on behalf of the Society for Risk Analysis Publicador: Blackwell Publishing on behalf of the Society for Risk Analysis
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em //2015 Português
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812.9485%
Government institutions have responsibilities to distribute risk management funds meaningfully and to be accountable for their choices. We took a macro-level sociological approach to understanding the role of government in managing environmental risks, and insights from micro-level psychology to examine individual-level risk-related perceptions and beliefs. Survey data from 2179 UK citizens showed that lay people's funding preferences were associated positively with beliefs about responsibility and trust, yet associations with perception varied depending on risk type. Moreover, there were risk-specific differences in the funding preferences of the lay sample and 29 policy makers. A laboratory based study of 109 participants examined funding allocation in more detail through iterative presentation of expert information. Quantitative and qualitative data revealed a meso-level framework comprising three types of decision makers who varied in their willingness to change funding allocation preferences following expert information: adaptors, responders and resistors. This research highlights the relevance of integrated theoretical approaches to understanding the policy process, and the benefits of reflexive dialogue to managing environmental risks.

In sickness but not in wealth: field evidence on patients’ risk preferences in the financial and health domain

Galizzi, Matteo M.; Miraldo, Marisa; Stavropoulou, Charitini
Fonte: SAGE Publicador: SAGE
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em //2015 Português
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602.28664%
We present results from a hypothetical framed field experiment assessing whether risk preferences significantly differ across the health and financial domains when they are elicited through the same multiple price list paired-lottery method. We consider a sample of 300 patients attending outpatient clinics in a university hospital in Athens, during the Greek financial crisis. Risk preferences in finance are elicited using paired-lottery questions with hypothetical payments. The questions are adapted to the health domain by framing the lotteries as risky treatments in hypothetical healthcare scenarios. Using Maximum Likelihood methods, we estimate the degree of risk aversion, allowing for the estimates to be dependent on domain and individual characteristics. The subjects in our sample, who were exposed to both health and financial distress, tend to be less risk averse in the financial than in the health domain.

Risk averse supervisors and the efficiency of collusion

Faure-Grimaud, Antoine; Laffont, Jean-Jacques; Martimort, David
Fonte: London School of Economics and Political Science Research Publicador: London School of Economics and Political Science Research
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em //2002 Português
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603.02254%
This paper studies the efficiency of collusion between supervisors and supervisees. Building on Tirole (1986)’s results that deterring collusion with infinitely risk averse supervisors is impossible, while it is costless to do so under risk neutrality, we develop here a theory of collusion based on a trade-off between the risk premia required by (less extreme) risk attitudes and incentives. This allows us to link the efficiency of collusion to the supervisor’s risk aversion and to various parameters characterizing the economic environment in which collusion may take place. We are then able to derive implications for the design of organizations, like determining how the number of tasks/agents per supervisor or the level of competition may impact on the cost of collusion, studying the impact of vertical integration on those same costs, or characterizing the role of uncertainty on side-contracting.

When risk-based regulation aims low: a strategic framework

Black, Julia; Baldwin, Robert
Fonte: Wiley-Blackwell Publicador: Wiley-Blackwell
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em /06/2012 Português
Relevância na Pesquisa
603.02254%
This article develops a strategic framework for regulators to employ when choosing intervention strategies for dealing with low risks and reviewing performance, building on the analysis by the same authors in the previous edition of this journal. The framework occupies the operational “middle ground” between risk analysis and formal enforcement action. At its core is a matrix, the Good Regulatory Intervention Design (GRID), which provides a framework to categorize sites or activities on the basis of two factors: the nature of the risk and the nature of the regulatee. Using GRID, regulators can select which intervention tools to use, and determine the overall level of regulatory intensity that should apply. GRID is accompanied by the Good Regulatory Assessment Framework (GRAF) for agencies to use in reviewing their performance and provides a step-by-step process for enabling “double loop learning.” The article also argues that the process of developing such a framework highlighted the extent to which “low risk” and “high risk” regulation are distinct. “Low risk” means “low priority.” Justifying why certain risks should not receive much regulatory attention requires a particular type of engagement, and has a bearing on the regulatory strategies that are adopted

A population health approach to reducing observational intensity bias in health risk adjustment: cross sectional analysis of insurance claims

Wennberg, David E.; Sharp, Sandra M.; Bevan, Gwyn; Skinner, Jonathan S.; Gottlieb, Daniel J.; Wennberg, John E.
Fonte: BMJ Publishing Group and the Health Foundation Publicador: BMJ Publishing Group and the Health Foundation
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em 10/04/2014 Português
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603.02254%
Objective:- To compare the performance of two new approaches to risk adjustment that are free of the influence of observational intensity with methods that depend on diagnoses listed in administrative databases. Setting:- Administrative data from the US Medicare program for services provided in 2007 among 306 US hospital referral regions. Design:- Cross sectional analysis. Participants:- 20% sample of fee for service Medicare beneficiaries residing in one of 306 hospital referral regions in the United States in 2007 (n=5 153 877). Main outcome measures:- The effect of health risk adjustment on age, sex, and race adjusted mortality and spending rates among hospital referral regions using four indices: the standard Centers for Medicare and Medicaid Services—Hierarchical Condition Categories (HCC) index used by the US Medicare program (calculated from diagnoses listed in Medicare’s administrative database); a visit corrected HCC index (to reduce the effects of observational intensity on frequency of diagnoses); a poverty index (based on US census); and a population health index (calculated using data on incidence of hip fractures and strokes, and responses from a population based annual survey of health from the Centers for Disease Control and Prevention). Results:- Estimated variation in age...

The invention of operational risk

Power, Michael
Fonte: Centre for Analysis of Risk and Regulation, London School of Economics and Political Science Publicador: Centre for Analysis of Risk and Regulation, London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /05/2003 Português
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709.5365%
Until the 'Basel 2' reforms to banking supervision, operational risk was largely a residual category for risks and uncertainties which were difficult to quantify, insure and manage in traditional ways. This paper examines the rapid emergence of operational risk from this low epistemic status to its institutionalisation as a key component of global banking regulation. However, the meaning and implications of the Basel proposals have been fiercely contested by international banks and three key domains of policy controversy have been, and remain, particularly visible: definitional issues, data collection and the limits of quantification. Tensions in these three areas are discussed and reveal the significance of operational risk as a meeting point for diverse concerns and interests, and as a potential reinvention of a management knowledge hybrid between auditing and finance. The paper draws attention to the ironies and contradictions of this operational risk programme, which is part of a visionary project to extend 'enforced self-regulation' deep into the operations of banking, combining advanced technical modelling ideas on the one hand and softer corporate governance thinking on the other. The Basel 2 proposals also demonstrate the policy effectiveness of 'operational risk' as an agenda-forming category...

From government to governance: external influences on business risk management

Hutter, Bridget M.; Jones, Clive J
Fonte: Wiley-Blackwell Publishing Ltd Publicador: Wiley-Blackwell Publishing Ltd
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em /03/2007 Português
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815.78875%
The influence of external organizations and pressures on business risk management practices has hitherto been examined through the influence of state regulatory regimes on businesses. This article concentrates on key socio-legal concerns about the influence of the law in social and economic life. We know that the sources of regulation and risk management are diversifying beyond the state. What we do not have is much empirically informed research about the range of sources influencing the business world and in particular the weighting of influence exercised by them. In this paper we explore the understandings regulatory actors have of the different external pressures on business risk management through an empirical study of the understandings of those in the food retail sector about the management of food safety and food hygiene risks. A broader objective is to throw some further light onto the debate about regulation within and beyond the state.

How do risk managers become influential?: a field study of toolmaking in two financial institutions

Hall, Matthew; Mikes, Anette; Millo, Yuval
Fonte: Elsevier Publicador: Elsevier
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em /03/2015 Português
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714.31234%
This paper, based on a five-year longitudinal study at two UK-based banks, documents and analyzes the practices used by risk managers as they interact and communicate with managers in their organizations. Specifically, we examine how risk managers (1) establish and maintain interpersonal connections with decision makers; and how they (2) adopt, deploy and reconfigure tools – practices that we define collectively as toolmaking. Using prior literature and our empirical observations, we distinguish between activities to which toolmaking was not central, and those to which toolmaking was important. Our study contributes to the accounting and management literature by highlighting the central role of toolmaking in explaining how functional experts may compete for the attention of decision makers in the intraorganizational marketplace for managerially relevant information. Specifically, as risk management becomes more tool-driven and toolmaking may become more prevalent, our study provides a more nuanced understanding of the nature and consequences of risk management in contemporary organisations. An explicit focus on toolmaking extends accounting research that has hitherto focused attention on the structural arrangements and interpersonal connections when explaining how functional experts can become influential.

Understanding and managing zoonotic risk in the new livestock industries

Liverani, Marco; Waage, Jeff; Barnett, Tony; Pfeiffer, Dirk U.; Rushton, Jonathan; Rudge, James W.; Loevinsohn, Michael E.; Scoones, Ian; Smith, Richard D.; Cooper, Ben S.; White, Lisa J.; Goh, Shan; Horby, Peter; Wren, Brendan; Gundogdu, Ozan; Woods, Abi
Fonte: National Institute of Environmental Health Perspectives Publicador: National Institute of Environmental Health Perspectives
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em /08/2013 Português
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710.1124%
Background: In many parts of the world, livestock production is undergoing a process of rapid intensification. The health implications of this development are uncertain. Intensification creates cheaper products, allowing more people to access animal-based foods. However, some practices associated with intensification may contribute to zoonotic disease emergence and spread, for example the sustained use of antibiotics, concentration of animals in confined units, and long distance and frequent movement of livestock. Objectives: This paper reviews the diverse range of ecological, biological, and socio-economic factors likely to enhance or reduce zoonotic risk, and identifies why improved understanding requires an interdisciplinary approach. A conceptual framework is then offered to guide systematic research on this problem. Discussion: We recommend that interdisciplinary work on zoonotic risk should be able to account for the complexity of risk environments, rather than simple linear causal relations between risk drivers and disease emergence and/or spread. Further, we recommend that interdisciplinary integration is needed at different levels of analysis, from the study of risk environments to the identification of policy options for risk management. Conclusion: Given rapid changes in livestock production systems in developing countries and their potential health implications at the local and global level...

The impact of risk on inequality: evidence from the Irish agricultural sector

Vollenweider, Xavier; Di Falco, Salvatore; O’Donoghue, Cathal
Fonte: Grantham Research Institute on Climate Change and the Environment Publicador: Grantham Research Institute on Climate Change and the Environment
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /05/2011 Português
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711.9766%
The goal of the present paper is to test the hypothesis that risk has an impact on inequality. Many studies investigating the behaviour of farmers under risk have concluded that poorer farmers tend to reduce their risk by reducing proportionally more their expected gross margin than the wealthier ones because they are more risk averse and less protected against risk. This would be the driving force behind the distributional impact of risk. Here we propose a direct way to test this hypothesis by decomposing income inequality in its different sources in order to understand the importance of risk compared to other factor in explaining inequality. We applied the method to a dataset of repeated cross-sectional data on the Irish agriculture and we found that risk explains up to 20% of inequality once other factors are controlled for. Furthermore, we have seen that this impact has risen over time but that this increase could be stopped by mitigating the impact of risk on farmers with proper risk management tools. Lastly, we observe that this rise coincides with the rise in market risk linked to lowering of price support implemented under the reforms of pillar I of the Common Agricultural Policy (CAP). It is therefore likely that the distributional impact of risk is going to be high over the next decade because the planned lowering of market supports under the next reform of the CAP.

Risk preferences and voluntary agri-environmental schemes: does risk aversion explain the uptake of the Rural Environment Protection Scheme?

Vollenweider, Xavier; Di Falco, Salvatore; O’Donoghue, Cathal
Fonte: Grantham Research Institute on Climate Change and the Environment Publicador: Grantham Research Institute on Climate Change and the Environment
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /05/2011 Português
Relevância na Pesquisa
714.3678%
The lowering of trade barriers under the successive reforms of the pillar I of the Common Agricultural Policy, the opening of the commodity markets to an ever greater number of financial actors and the uncertainty created by climate change, amplify both production risk and market risks for producers. This is particularly true for Irish dairy farmers, as they are export-oriented and their grass-based production system is closely linked to the cycle of seasons. The Rural Environment Protection Scheme (REPS), part of the agri-environmental policies of pillar II, offers to farmers an opportunity to stabilize their income over a five year period. We estimate risk preferences with the model of Antle (Antle, 1987) in order to analyse the impact of risk aversion (relative risk premium) on the probability of joining REPS. Our results support the hypothesis that REPS is used as a risk management tools. This sheds light on the interaction between the reforms of pillar I and the ones of pillar II: further increases in risk could increase the uptake of voluntary agri-environmental policies while the development of new risk management tools (revenue insurance, forward contracts, etc) could decrease it as they could both become substitutes.

The enactment of risk categories: organizing and re-organizing risk management practices in the energy industry

Scott, Susan V.; Perry, Nicholas
Fonte: Information Systems Group, London School of Economics and Political Science Publicador: Information Systems Group, London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /09/2006 Português
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818.2079%
Aimed at energy organizations adapting to the competitive demands associated with liberalization, transaction and risk management software “A-Trade” was part of the shift from a traditional engineer-led culture of risk cognition to market-oriented financial risk management. The story of A-Trade illustrates the progress of risk industries, the development of encounters between different risk cultures, and the entanglement of technological artefacts in the enactment of managerial approaches to risk. We suggest that risk management is an organizing category in whose name organizing and re-organizing activity is done. In our conclusion, we consider what the story of A-Trade tells us about how organizations experience the limits of their own capacity to organize in the face or uncertainty and consider the role of routine information infrastructures in mitigating risk.

Some determinants of the price of default risk

Anderson, Ronald W.
Fonte: Financial Markets Group, London School of Economics and Political Science Publicador: Financial Markets Group, London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /05/2008 Português
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606.2716%
In this paper we study the pricing of credit risk as reflected in the market for credit default swaps (CDS) between 2003 and 2008. This market has newly emerged as the reference for credit risk pricing because of its use of standardized contract specifications and has achieved a higher level of liquidity than typically prevails in the markets for the underlying notes and bonds of the named corporate issuers. We initiate our exploration by studying a particular case which allows us to set out some of the issues of CDS pricing in a simple way. We show that for the purposes of accounting for relatively short-term changes of CDS spreads, an approach based on the structural (or firm-value based) models of credit risk faces an important obstacle in that reliable information about the firm's liabilities required to calculate the \distance to default" are available only quarterly or in some cases annually. Thus structural models account for short-term movements in credit spreads largely by changes in the issuer's equity price. In the case studied we show the e®ect of equity returns in explaining weekly changes of spreads is insignificant and of the wrong sign. In examination of particular episodes when the CDS spread was particularly delinked from the firm's equity series...

Forecasting risk in earnings

Konstantinidi, Theodosia; Pope, Peter F.
Fonte: Wiley-Blackwell on behalf of the Canadian Academic Accounting Association (CAAA) Publicador: Wiley-Blackwell on behalf of the Canadian Academic Accounting Association (CAAA)
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em //2015 Português
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604.06145%
Conventional measures of risk in earnings based on historical standard deviation require long time series data and are inadequate when the distribution of earnings deviates from normality. We introduce a methodology based on current fundamentals and quantile regression to forecast risk reflected in the shape of the distribution of future earnings. We derive measures of dispersion, asymmetry and tail risk in future earnings using quantile forecasts as inputs. Our analysis shows that a parsimonious model based on accruals, cash flow, special items and a loss indicator can predict the shape of the distribution of earnings with reasonable power. We provide evidence that out-of-sample quantile-based risk forecasts explain incrementally analysts’ equity and credit risk ratings, future return volatility, corporate bond spreads and analyst-based measures of future earnings uncertainty. Our study provides insights into the relations between earnings components and risk in future earnings. It also introduces risk measures that will be useful for participants in both the equity and credit markets.

Ambiguity and therapy in risk management

Horlick-Jones, Tom; Rosenhead, Jonathan
Fonte: Springer on behalf of The Association of European Operational Research Societies Publicador: Springer on behalf of The Association of European Operational Research Societies
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em /11/2013 Português
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818.6354%
Ambiguity, the existence of multiple plausible (though possibly contested) ways of making sense of the characteristics of decision situations, can present significant difficulties for a wide range of risk management tasks. We will argue that ambiguity is present in risk management situations to a far greater extent that is commonly appreciated. The concept of ambiguity has arisen in different forms across disciplinary literatures and domains of practice. In this paper, we situate our experience of finding ways of supporting planning and decision-making processes concerned with ambiguous risks in the context of those wider perspectives. Our own efforts have employed a hybrid form of problem structuring methods (drawn from operational research and management science) and ethnography (drawn from sociology and anthropology). These engagements with organisational and inter-organisational risk management issues have led us to recognise that ‘untangling’ otherwise intractable risk management problems may be regarded, in some sense, as a therapeutic process. In this paper, we develop this therapeutic interpretation of the untangling of collective ambiguities using illustrations from a concrete problem situation. We set this therapeutic reading of decision processes in the context of wider perspectives...

Book review: Risk: a study of its origins, history and politics by Matthias Beck and Beth Kewell

Zhivitskaya, Maria
Fonte: London School of Economics and Political Science Publicador: London School of Economics and Political Science
Tipo: Website; NonPeerReviewed Formato: application/pdf
Publicado em 22/03/2014 Português
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609.5365%
"Risk: A Study of its Origins, History and Politics." Matthias Beck and Beth Kewell. World Scientific Publishing. March 2014. --- Over a period of several centuries, the academic study of risk has evolved as a distinct body of thought, which continues to influence conceptual developments in fields such as economics, management, politics and sociology. Risk: A Study of its Origins, History and Politics aims to provide a detailed study of key turning points in the evolution of society’s understanding of risk. Matthias Beck and Beth Kewell map the political origins and moral reach of some of the most influential ideas associated with risk and uncertainty at specific periods of time. Political historians will find much of interest, writes Maria Zhivitskaya. This book has the potential to make a prominent contribution in its field, for the reason that others can work to fill the gaps the authors leave.

On the relationship between personal experience, affect and risk perception: the case of climate change

van der Linden, Sander
Fonte: John Wiley & Sons Ltd. Publicador: John Wiley & Sons Ltd.
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em /08/2014 Português
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603.59844%
Examining the conceptual relationship between personal experience, affect, and risk perception is crucial in improving our understanding of how emotional and cognitive process mechanisms shape public perceptions of climate change. This study is the first to investigate the interrelated nature of these variables by contrasting three prominent social-psychological theories. In the first model, affect is viewed as a fast and associative information processing heuristic that guides perceptions of risk. In the second model, affect is seen as flowing from cognitive appraisals (i.e., affect is thought of as a post-cognitive process). Lastly, a third, dual-process model is advanced that integrates aspects from both theoretical perspectives. Four structural equation models were tested on a national sample (N = 808) of British respondents. Results initially provide support for the “cognitive” model, where personal experience with extreme weather is best conceptualized as a predictor of climate change risk perception and, in turn, risk perception a predictor of affect. Yet, closer examination strongly indicates that at the same time, risk perception and affect reciprocally influence each other in a stable feedback system. It is therefore concluded that both theoretical claims are valid and that a dual-process perspective provides a superior fit to the data. Implications for theory and risk communication are discussed.