Managing Risk: A Global Imperative

Contributor(s): Michael Chertoff | Given the threats posed by terrorism and natural disasters, the issue of how to handle risk remains an essential one for nations. While in free societies, people routinely make risk calculations, markets do an imperfect job of risk allocation. Governments must sometimes step in, but in a way that carefully manages risk through prudent, measured regulation. On February 15, 2005, Judge Michael Chertoff was sworn in as the second Secretary of the Department of Homeland Security. Chertoff formerly served as United States Circuit Judge for the Third Circuit Court of Appeals.