There is increasing dissatisfaction with how risk is regulated. This is leading to vivid debates about the use of 'risk assessment' and 'precaution' and, as a result, academics, government officials and industry leaders are calling for new approaches and fresh ideas. The book provides a historical and topical perspective on the alternative concept of 'Tolerability of Risk' (TOR) and its concrete regulatory applications. In the UK, "Tolerability of Risk" has been developed into a sophisticated framework particularly within the health and safety sectors (HSE 1988, HSE 2001). It is expected to guide decision makers when applying their legal obligation of keeping risks as low as practically reasonable. Written by leading academics and risk practitioners from industry and government, the book presents a summary of theoretical perspectives on risk approaches, provides a detailed elicitation of the methods and approaches used to build the Tolerability of Risk framework and looks at the prospect for universal application of the framework across a wide area of risk.