All industries have a significant risk exposure from operations. Case studies of failure and stakeholder exposures are readily available. Sadly, incidents continue despite years of effort and major expenditures to try to limit these incidents.
Normal Incident Theory (NAT) purports that highly complex systems such as those found in sectors with Critical Infrastructures are subject to levels of uncertainty that makes occasional failure likely. Another perspective, High Reliability Organizing (HRO) suggests that uncertainties can be managed more aggressively and incidents are not foretold.
The Strong Bond Governance approach to Operational Excellence incorporates the HRO risk governance approach.