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94-434: For a risk to be ALARP, it must be possible to demonstrate that the cost involved in reducing the risk further would be grossly disproportionate to the benefit gained. The ALARP principle arises from the fact that infinite time, effort and money could be spent in the attempt of reducing a risk to zero; not the fact that reducing the risk in half would require a finite time, effort and money. It should not be understood as simply

188-689: A preliminary ruling and appeals against decisions of the General Court . Under Article 258 (ex Article 226) of the Treaty on the Functioning of the European Union , the Court of Justice may determine whether a Member State has fulfilled its obligations under Union law. That action may be brought by the commission – as is practically always the case – or by another Member State, although

282-691: A 'tolerable' or 'ALARP' region in between. They were originally developed by the Health and Safety Executive (HSE) to illustrate their framework for the Tolerability of Risk (TOR), which set out the HSE's approach to regulating safety risks. While the ALARP principle applies at all levels of risk under UK health and safety law, the TOR framework captures the concept that some risks are too great to be acceptable, whatever

376-654: A Dutch transport firm brought a complaint against Dutch customs for increasing the duty on a product imported from Germany. The court ruled that the Community constitutes a new legal order, the subjects of which consist of not only the Member States but also their nationals. Consequently Community law may, if appropriately framed, confer rights on individuals which national courts are bound to protect. The principle of direct effect would have had little impact if Union law did not supersede national law. Without supremacy

470-421: A Grand Chamber is more common and can happen when a Member State or a Union institution, that is a party to certain proceedings, so requests, or in particularly complex or important cases. The court acts as a collegial body: decisions are those of the court rather than of individual judges; no minority opinions are given and indeed the existence of a majority decision rather than unanimity is never suggested. It

564-431: A company's prospects. In economics, as in finance, risk is often defined as quantifiable uncertainty about gains and losses. Environmental risk arises from environmental hazards or environmental issues . In the environmental context, risk is defined as "The chance of harmful effects to human health or to ecological systems". Environmental risk assessment aims to assess the effects of stressors, often chemicals, on

658-595: A dictum which summarises the decision which the Court has made and may direct how costs are to be managed. In the ECJ's 2009 report it was noted that Belgian, German and Italian judges made the most referrals for an interpretation of EU law to the ECJ. However, the German Constitutional Court has rarely turned to the European Court of Justice, which is why lawyers and law professors warn about

752-405: A future judicial conflict between the two courts. On 7 February 2014, the German Constitutional Court referred its first case to the ECJ for a ruling on a European Central Bank program. In 2017 the German Constitutional Court referred its second case to the ECJ but contrary to the binding nature of the Court of Justice's preliminary rulings, the German Constitutional Court in 2020 refused to abide by

846-405: A highly quantified way. The technique is usually referred to as probabilistic risk assessment (PRA). See WASH-1400 for an example of this approach. The incidence rate can also be reduced due to the provision of better occupational health and safety programmes. Security is freedom from, or resilience against, potential harm caused by others. A security risk is "any event that could result in

940-400: A large organization or simply crossing the road. Intuitive risk management is addressed under the psychology of risk below. Risk management refers to a systematic approach to managing risks, and sometimes to the profession that does this. A general definition is that risk management consists of "coordinated activities to direct and control an organization with regard to risk". ISO 31000 ,

1034-484: A legal opinion on the cases assigned to them. They can question the parties involved and then give their opinion on a legal solution to the case before the judges deliberate and deliver their judgment. The intention behind having Advocates General attached is to provide independent and impartial opinions concerning the Court's cases. Unlike the Court's judgments, the written opinions of the Advocates General are

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1128-497: A level that is As Low As is Reasonably Practicable (ALARP). The key question in determining whether a risk is ALARP is the definition of reasonably practicable . This term has been enshrined in the UK case law since the case of Edwards v. National Coal Board in 1949. The ruling was that the risk must be significant in relation to the sacrifice (in terms of money, time or trouble) required to avert it: risks must be averted unless there

1222-414: A member state or a national of a member state the applicant must choose an official language of that member state, unless the parties agree otherwise. However, the working language of the court is the language of the case being heard with French being the common language for discussion, and it is in this language that the judges deliberate, pleadings and written legal submissions are translated and in which

1316-431: A pool of risks including market risk, credit risk, operational risk, interest rate risk, mortality risk, longevity risks, etc. The term "risk" has a long history in insurance and has acquired several specialised definitions, including "the subject-matter of an insurance contract", "an insured peril" as well as the more common "possibility of an event occurring which causes injury or loss". Occupational health and safety

1410-647: A problem of the same nature is raised. Although such a reference may be made only by a national court, which alone has the power to decide that it is appropriate do so, all the parties involved – that is to say, the Member States, the parties in the proceedings before national courts and, in particular, the commission – may take part in proceedings before the Court of Justice. In this way, a number of important principles of Union law have been laid down in preliminary rulings, sometimes in answer to questions referred by national courts of first instance. Rulings end with

1504-562: A product or developed system. In Australia the Work Health & Safety Act 2011 introduced the term So Far As Is Reasonably Practical (SFAIRP) based on the UK legislation. In some industry sectors the term SFARIP has become the common usage and can be used interchangeably with ALARP, but some people believe that SFAIRP and ALARP are two different legal tests. A two-year legal battle in the European Court of Justice resulted in

1598-419: A quantitative measure of benefit against detriment. It is more a best common practice of judgement of the balance of risk and societal benefit. In this context, risk is the combination of the frequency (likelihood) and the consequence of a specified hazardous event. Several factors are likely to be considered when deciding whether or not a risk has been reduced as far as reasonably practicable: Another factor

1692-447: A question of EU law when one is addressed. The treaties give the ECJ the power for consistent application of EU law across the EU as a whole. The court also acts as an administrative and constitutional court between the other EU institutions and the Member States and can annul or invalidate unlawful acts of EU institutions, bodies, offices and agencies. The court was established in 1952, by

1786-399: A question to the European Court of Justice. These are the first references by each constitutional court: Procedure before the ECJ is determined by its own rules of procedure. As a rule the Court's procedure includes a written phase and an oral phase. The proceedings are conducted in one of the official languages of the European Union chosen by the applicant, although where the defendant is

1880-622: A simple summary, defining risk as "the possibility of something bad happening". The International Organization for Standardization (ISO) 31073 provides basic vocabulary to develop common understanding on risk management concepts and terms across different applications. ISO 31073 defines risk as: effect of uncertainty on objectives Note 1: An effect is a deviation from the expected. It can be positive, negative or both, and can address, create or result in opportunities and threats . Note 2: Objectives can have different aspects and categories, and can be applied at different levels. Note 3: Risk

1974-521: A variety of hazards that may result in accidents causing harm to people, property and the environment. In the safety field, risk is typically defined as the "likelihood and severity of hazardous events". Safety risks are controlled using techniques of risk management. A high reliability organisation (HRO) involves complex operations in environments where catastrophic accidents could occur. Examples include aircraft carriers, air traffic control, aerospace and nuclear power stations. Some HROs manage risk in

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2068-407: Is Reasonably Practicable". The court dismissed the action and ordered the commission to pay the UK's costs. Had the case been upheld, it would have called into question the proportionate approach to safety risk management embodied in the ALARP principle. 'Carrot diagrams' show high (normally unacceptable) risks at the upper/wider end and low (broadly acceptable) risks at the lower/narrower end, with

2162-447: Is a gross disproportion between the costs and benefits of doing so. Including gross disproportion means that an ALARP judgement in the UK is not a simple cost benefit analysis, but is weighted to favour carrying out the safety improvement. However, there is no broad consensus on the precise factor that would be appropriate: the HSE recommends that the bias towards safety "has to be argued in

2256-494: Is a questionnaire screening tool, used to provide individuals with an evaluation of their health risks and quality of life. Health, safety, and environment (HSE) are separate practice areas; however, they are often linked. The reason is typically to do with organizational management structures; however, there are strong links among these disciplines. One of the strongest links is that a single risk event may have impacts in all three areas, albeit over differing timescales. For example,

2350-416: Is an individual or collaborative undertaking planned to achieve a specific aim. Project risk is defined as, "an uncertain event or condition that, if it occurs, has a positive or negative effect on a project's objectives". Project risk management aims to increase the likelihood and impact of positive events and decrease the likelihood and impact of negative events in the project. Safety is concerned with

2444-476: Is concerned with occupational hazards experienced in the workplace. The Occupational Health and Safety Assessment Series (OHSAS) standard OHSAS 18001 in 1999 defined risk as the "combination of the likelihood and consequence(s) of a specified hazardous event occurring". In 2018 this was replaced by ISO 45001 "Occupational health and safety management systems", which use the ISO Guide 73 definition. A project

2538-432: Is narrowly focused on computer security, information risks extend to other forms of information (paper, microfilm). Insurance is a risk treatment option which involves risk sharing. It can be considered as a form of contingent capital and is akin to purchasing an option in which the buyer pays a small premium to be protected from a potential large loss. Insurance risk is often taken by insurance companies, who then bear

2632-401: Is often the cost of assessing the improvement gained in an attempted risk reduction. In extremely complex systems, this can be very high, and could be the limiting factor in practicability of risk reduction, although according to UK HSE guidance, cost alone should never be a justification for taking extra safety risks. Determining that a risk has been reduced to ALARP involves an assessment of

2726-501: Is the doctrines of direct effect and supremacy that allow the European legal system to forgo any use of retaliatory enforcement mechanisms by the Member States. Links between the direct effect doctrine and the suppression of inter-state retaliation between the EU member states can be found in many of the landmark early decisions of the European Court of Justice, and in the writings of the influential French judge, Robert Lecourt , perhaps

2820-414: Is the highest court of the European Union in matters of Union law , but not national law. It is not possible to appeal against the decisions of national courts in the ECJ, but rather national courts refer questions of EU law to the ECJ. However, it is ultimately for the national court to apply the resulting interpretation to the facts of any given case, although only courts of final appeal are bound to refer

2914-575: Is the responsibility of the Court of Justice to ensure that the law is observed in the interpretation and application of the Treaties of the European Union . To enable it to carry out its duties, the Court has broad jurisdiction to hear various types of action. The Court has competence to, amongst other actions, rule on applications for annulment or actions for failure to act brought by a Member State or an institution; take actions against Member States for failure to fulfil obligations; and hear references for

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3008-472: Is the use of computers to store, retrieve, transmit, and manipulate data. IT risk (or cyber risk) arises from the potential that a threat may exploit a vulnerability to breach security and cause harm. IT risk management applies risk management methods to IT to manage IT risks. Computer security is the protection of IT systems by managing IT risks. Information security is the practice of protecting information by mitigating information risks. While IT risk

3102-522: Is then ratified by all other member states. The President of the Court of Justice is elected from and by the judges for a renewable term of three years. The President presides over hearings and deliberations, directing both judicial business and administration (for example, the time table of the Court and Grand Chamber). He also assigns cases to the chambers for examination and appoints judge as rapporteurs called Judge-Rapporteur (reporting judges). The Council may also appoint assistant rapporteurs to assist

3196-436: Is usually expressed in terms of risk sources, potential events, their consequences and their likelihood. This definition was developed by an international committee representing over 30 countries and is based on the input of several thousand subject-matter experts. It was first adopted in 2002 for use in standards. Its complexity reflects the difficulty of satisfying fields that use the term risk, in different ways. Some restrict

3290-638: Is vacant. In 2012, judge Koen Lenaerts from Belgium became the first judge to carry out the duties of the Vice-President of the Court of Justice. Like the President of the Court of Justice, the Vice-President is elected by the members of the Court for a term of three years. The judges are assisted by eleven Advocates General , whose number may be increased by the Council if the Court so requests. The Advocates General are responsible for presenting

3384-666: The European Council at Edinburgh in 1992. However, there was no reference to future bodies being in Luxembourg City. In reaction to this, the Luxembourg government issued its own declaration stating it did not surrender those provisions agreed upon in 1965. The Edinburgh decision was attached to the Amsterdam Treaty . With the Treaty of Nice Luxembourg attached a declaration stating it did not claim

3478-733: The European Economic Community (EEC), and the European Atomic Energy Community (Euratom) were created, sharing the same courts with the European Coal and Steel Community. The Maastricht Treaty was ratified in 1993, and created the European Union . The name of the Court did not change unlike the other institutions. The power of the Court resided in the Community pillar (the first pillar). The Court gained power in 1997, with

3572-507: The Treaty of Paris (1951) as part of the European Coal and Steel Community . It was established with seven judges, allowing both representation of each of the six member States and being an odd number of judges in case of a tie. One judge was appointed from each member state and the seventh seat rotated between the "large Member States" (West Germany, France and Italy). It became an institution of two additional Communities in 1957 when

3666-414: The Treaty on the Functioning of the European Union . A reference for a preliminary ruling may also seek review of the legality of an act of Union law. The Court of Justice's reply is not merely an opinion, but takes the form of a judgment or a reasoned order. The national court to which that is addressed is bound by the interpretation given. The Court's judgment also binds other national courts before which

3760-478: The variance (or standard deviation) of asset prices. More recent risk measures include value at risk . Because investors are generally risk averse , investments with greater inherent risk must promise higher expected returns. Financial risk management uses financial instruments to manage exposure to risk. It includes the use of a hedge to offset risks by adopting a position in an opposing market or investment. In financial audit , audit risk refers to

3854-435: The ALARP standard to AFAP ("As Far As Possible") in the regulation of risk of medical devices. The ALARP concept can be interpreted to promote financial consideration in higher regard than of the requirements of safety and performance of medical devices. Contradicting this approach, AFAP requires that all ventures of safety must be addressed in the intent of the consumer and effectiveness of the product rather than capital gain of

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3948-419: The Court as the European Court of Justice. The Court of First Instance was renamed as the "General Court", and the term "Court of Justice of the European Union" now officially designates the two courts, as along with its specialised tribunals, taken together. The Court of Justice consists of 27 Judges who are assisted by 11 Advocates-General . The Judges and Advocates-General are appointed by common accord of

4042-639: The Court of Justice finds that the Member State concerned has not complied with its judgment, it may, upon the request of the commission, impose on the Member State a fixed or a periodic financial penalty under Article 260 of the TFEU. By an action for annulment under Article 263 (ex Article 230) of the Treaty on the Functioning of the European Union , the applicant seeks the annulment of a measure (regulation, directive, decision or any measure with legal effects) adopted by an institution, body, office or agency of

4136-612: The Court of Justice or the General Court is that which appears in the language of the case. All the EU's judicial bodies are based in the Kirchberg quarter of Luxembourg City , Luxembourg . The Court of Justice is seated in the Palais de la Cour de Justice . Luxembourg City was chosen as the provisional seat of the Court on 23 July 1952 with the establishment of the European Coal and Steel Community . Its first hearing there

4230-532: The EU. The Court of Justice has exclusive jurisdiction over actions brought by a Member State against the European Parliament and/or against the council (apart from Council measures in respect of State aid, dumping and implementing powers) or brought by one Union institution against another. The General Court has jurisdiction, at first instance, in all other actions of this type and particularly in actions brought by individuals. The Court of Justice has

4324-602: The European Union , it is tasked with interpreting EU law and ensuring its uniform application across all EU member states under Article 263 of the Treaty of the Functioning of the European Union (TFEU). The Court was established in 1952, and is based in Luxembourg . It is composed of one judge per member state – currently 27 – although it normally hears cases in panels of three, five or fifteen judges. The Court has been led by president Koen Lenaerts since 2015. The ECJ

4418-401: The Member States could simply ignore EU rules. In Costa v ENEL (1964), the court ruled that member states had definitively transferred sovereign rights to the Community and Union law could not be overridden by domestic law. Another early landmark case was Commission v Luxembourg and Belgium (1964), the "Dairy Products" case. In that decision the Court comprehensively ruled out any use by

4512-507: The Member States of the retaliatory measures commonly permitted by general international law within the European Economic Community. That decision is often thought to be the best example of the European legal order's divergence with ordinary international law. Commission v Luxembourg and Belgium also has a logical connection with the nearly contemporaneous Van Gend en Loos and Costa v ENEL decisions, as arguably it

4606-472: The President in applications for interim measures and to assist rapporteurs in the performance of their duties. The post of Vice-President was created by amendments to the Statute of the Court of Justice in 2012. The duty of the Vice-President is to assist the President in the performance of his duties and to take the President's place when the latter is prevented from attending or when the office of President

4700-544: The Registrar under the authority of the President. The Court administers its own infrastructure; this includes the Translation Directorate, which, as of 2012 employed 44.7% of the staff of the institution. The Court can sit in plenary session, as a Grand Chamber of fifteen judges (including the president and vice-president), or in chambers of three or five judges. Plenary sittings are now very rare, and

4794-565: The Registry as well as for the receipt, transmission and custody of documents and pleadings that have been entered in a register initialled by the President. They are Guardian of the Seals and responsible for the Court's archives and publications. The Registrar is responsible for the administration of the Court, its financial management and its accounts. The operation of the Court is in the hands of officials and other servants who are responsible to

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4888-576: The SFAIRP principle being upheld on 18 January 2007. The European Commission had claimed that the SFAIRP wording in the Health & Safety at Work Act did not fully implement the requirements of the Framework Directive . The Directive gives employers an absolute duty "to ensure the safety and health of workers in every aspect related to the work", whereas the Act qualifies the duty "So Far As

4982-490: The Tolerability of Risk framework rather than the ALARP principle itself, and can be misinterpreted as meaning either that ALARP legally applies only in the tolerable region, or that risks in tolerable region are automatically ALARP. Risk In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or

5076-480: The Union for damage to citizens and to undertakings caused by its institutions or servants in the performance of their duties. Under Article 256 (ex Article 225) of the Treaty on the Functioning of the European Union , appeals on judgments given by the General Court may be heard by the Court of Justice only if the appeal is on a point of law. If the appeal is admissible and well founded, the Court of Justice sets aside

5170-472: The administrative implementation of Union law, for which the authorities of the Member States are essentially responsible; many provisions of the Treaties and of secondary legislation – regulations, directives and decisions – directly confer individual rights on nationals of Member States, which national courts must uphold. National courts are thus by their nature the first guarantors of Union law . To ensure

5264-426: The analyst. The term ALARP arises from UK legislation, particularly the Health and Safety at Work etc. Act 1974 , which requires "Provision and maintenance of plant and systems of work that are, so far as is reasonably practicable, safe and without risks to health". The phrase So Far As is Reasonably Practicable (SFARP) in this and similar clauses is interpreted as leading to a requirement that risks must be reduced to

5358-605: The benefit; while others are so low as to be insignificant. The HSE, as regulators, would not usually require further action to reduce these broadly acceptable risks unless reasonably practicable measures were available, although they would still take into account that duty holders must reduce risks wherever it is reasonably practicable to do so. Between the two extremes, risks can be tolerated in order to secure benefits, so long as they have been risk assessed and are kept ALARP. Carrot diagrams are sometimes known as 'ALARP Triangles'. However, this can be misleading because they illustrate

5452-484: The cases of the latter kind remain extremely rare. Only six interstate cases have been decided by the court: The commencement of proceedings before the Court of Justice is preceded by a preliminary procedure conducted by the commission, which gives the Member State the opportunity to reply to the complaints against it. The court has decided that if the European Commission does not send the formal letter to

5546-711: The common methods of management, the measurements of risk and even the definition of risk differ in different practice areas. This section provides links to more detailed articles on these areas. Business risks arise from uncertainty about the profit of a commercial business due to unwanted events such as changes in tastes, changing preferences of consumers, strikes, increased competition, changes in government policy, obsolescence etc. Business risks are controlled using techniques of risk management . In many cases they may be managed by intuitive steps to prevent or mitigate risks, by following regulations or standards of good practice, or by insurance . Enterprise risk management includes

5640-452: The compromise of organizational assets i.e. the unauthorized use, loss, damage, disclosure or modification of organizational assets for the profit, personal interest or political interests of individuals, groups or other entities." Security risk management involves protection of assets from harm caused by deliberate acts. Risk is ubiquitous in all areas of life and we all manage these risks, consciously or intuitively, whether we are managing

5734-432: The context of public health , risk assessment is the process of characterizing the nature and likelihood of a harmful effect to individuals or populations from certain human activities. Health risk assessment can be mostly qualitative or can include statistical estimates of probabilities for specific populations. A health risk assessment (also referred to as a health risk appraisal and health & well-being assessment)

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5828-402: The corporation. Risks previously deemed 'negligible' may be ignored under the old standard but must be taken into account and included in risk analysis under the newer AFAP-based standard. Under AFAP standards there are two defined justifications for the lack of implementation of risk-preventative measures. The first indicates that the additional risk control will not provide additional support for

5922-445: The court mostly sits in chambers of three or five judges. Each chamber elects its own president who is elected for a term of three years in the case of the five-judge chambers or one year in the case of three-judge chambers. The Court is required to sit in full court in exceptional cases provided for in the treaties. The court may also decide to sit in full, if the issues raised are considered to be of exceptional importance. Sitting as

6016-540: The earliest use of the word in English (in the spelling of risque from its French original, 'risque') as of 1621, and the spelling as risk from 1655. While including several other definitions, the OED 3rd edition defines risk as: (Exposure to) the possibility of loss, injury, or other adverse or unwelcome circumstance; a chance or situation involving such a possibility. The Cambridge Advanced Learner's Dictionary gives

6110-506: The effective and uniform application of Union legislation and to prevent divergent interpretations, national courts may, and sometimes must, turn to the Court of Justice and ask that it clarify a point concerning the interpretation of Union law, in order, for example, to ascertain whether their national legislation complies with that law. Petitions to the Court of Justice for a preliminary ruling are described in Article 267 (ex Article 234) of

6204-771: The environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. One international standard definition of risk is the "effect of uncertainty on objectives". The understanding of risk, the methods of assessment and management, the descriptions of risk and even the definitions of risk differ in different practice areas ( business , economics , environment , finance , information technology , health , insurance , safety , security etc). This article provides links to more detailed articles on these areas. The international standard for risk management, ISO 31000 , provides principles and general guidelines on managing risks faced by organizations . The Oxford English Dictionary (OED) cites

6298-535: The governments of the Member States after consultation of a panel responsible for assessing candidates’ suitability. The Registrar is the Court's chief administrator. They manage departments under the authority of the Court's president. The Court may also appoint one or more Assistant Registrars. They help the Court, the Chambers, the President and the Judges in all their official functions. They are responsible for

6392-412: The governments of the member states and hold office for a renewable term of six years. The treaties require that they are chosen from legal experts whose independence is "beyond doubt" and who possess the qualifications required for appointment to the highest judicial offices in their respective countries or who are of recognised competence. In practice, each member state nominates a judge whose nomination

6486-414: The importance of different adverse effects in a particular situation. The Society for Risk Analysis concludes that "experience has shown that to agree on one unified set of definitions is not realistic". The solution is "to allow for different perspectives on fundamental concepts and make a distinction between overall qualitative definitions and their associated measurements." The understanding of risk,

6580-472: The independent Boards of Appeal of the EU agencies (as provided by Article 58a of the Statute of the Court). References for a preliminary ruling are specific to Union law. Whilst the Court of Justice is, by its very nature, the supreme guardian of Union legality, it is not the only judicial body empowered to apply EU law. That task also falls to national courts, in as much as they retain jurisdiction to review

6674-500: The influence of the Advocate General on the judgments of the Court, showing that the Court is approximately 67% more likely to deliver a particular outcome if that was the opinion of the Advocate General. As of 2003, Advocates General are only required to give an opinion if the Court considers the case raises a new point of law. According to Article 255 TFEU the judges and advocates-general are appointed by common accord of

6768-414: The institution has been called on to act. Where the failure to act is held to be unlawful, it is for the institution concerned to put an end to the failure by appropriate measures. Under Article 268 of the Treaty on the Functioning of the European Union (and with reference to Article 340), the Court of Justice hears claims for compensation based on non-contractual liability , and rules on the liability of

6862-458: The international standard for risk management, describes a risk management process that consists of the following elements: European Court of Justice The European Court of Justice ( ECJ ), formally just the Court of Justice ( French : Cour de Justice ), is the supreme court of the European Union in matters of European Union law . As a part of the Court of Justice of

6956-413: The judgment is drafted. The Advocates-General, by contrast, may work and draft their opinions in any official language, as they do not take part in any deliberations. These opinions are then translated into French for the benefit of the judges and their deliberations. However, all documents used in the case are in the language of that case and the only authentic version of the judgment handed down by either

7050-401: The judgment of the General Court. Where the state of the proceedings so permits, the Court may itself decide the case. Otherwise, the Court must refer the case back to the General Court, which is bound by the decision given on appeal. No special procedure applies to allow for an appeal to proceed to the Court of Justice, except for cases which the General Court ruled on appeal against decisions of

7144-481: The light of all the circumstances applying to the case and the precautionary approach that these circumstances warrant". The ALARP or ALARA principle is mandated by particular legislation in some countries outside the UK, including Australia, the Netherlands and Norway. Where the ALARP principle is used, it may not have the same implications as in the UK, as "reasonably practicable" may be interpreted according to

7238-462: The local culture, without introducing the concept of gross disproportionality. The term ALARA, or "as low as reasonably achievable" is used interchangeably in the United States of America. It is used in the field of radiation protection . Its application in the regulation of radiation risk in some areas has been challenged. Health Canada 's Medical Devices Directorate is transitioning from

7332-444: The local environment. Finance is concerned with money management and acquiring funds. Financial risk arises from uncertainty about financial returns. It includes market risk , credit risk , liquidity risk and operational risk . In finance, risk is the possibility that the actual return on an investment will be different from its expected return. This includes not only " downside risk " (returns below expectations, including

7426-469: The methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives. Economics is concerned with the production, distribution and consumption of goods and services. Economic risk arises from uncertainty about economic outcomes. For example, economic risk may be the chance that macroeconomic conditions like exchange rates, government regulation, or political stability will affect an investment or

7520-424: The most important member of the Court between 1962 and 1976. Further, in the 1991 case Francovich v Italy , the ECJ established that Member States could be liable to pay compensation to individuals who suffered a loss by reason of the Member State's failure to transpose an EU directive into national law. In 2008, the former German president Roman Herzog claimed that the ECJ was overstepping its powers. He

7614-425: The possibility of losing some or all of the original investment) but also "upside risk" (returns that exceed expectations). In Knight's definition, risk is often defined as quantifiable uncertainty about gains and losses. This contrasts with Knightian uncertainty , which cannot be quantified. Financial risk modeling determines the aggregate risk in a financial portfolio. Modern portfolio theory measures risk using

7708-440: The potential that an audit report may fail to detect material misstatement either due to error or fraud. Health risks arise from disease and other biological hazards . Epidemiology is the study and analysis of the distribution, patterns and determinants of health and disease. It is a cornerstone of public health , and shapes policy decisions by identifying risk factors for disease and targets for preventive healthcare . In

7802-424: The power to declare measures void under Article 264 (ex Article 231) of the Treaty on the Functioning of the European Union . Under Article 265 (ex Article 232) of the Treaty on the Functioning of the European Union , the Court of Justice and the General Court may also review the legality of a failure to act on the part of a Union institution, body, office or agency. However, such an action may be brought only after

7896-415: The preliminary ruling. According to the German Constitutional Court, the Court of Justice's answer was unintelligble. In June 2021, the European Commission announced it would start infringement proceedings against Germany for the German Constitutional Court's refusal to abide by the Court of Justice's preliminary ruling. The constitutional courts of the member-states have in general been reluctant to refer

7990-567: The risk to be avoided, of the sacrifice (in money, time and trouble) involved in taking measures to avoid that risk, and a comparison of the two. This is a cost–benefit analysis (CBA). A difficulty arising in CBAs is assigning a meaningful and agreed financial value to human life . A CBA exercise, in the context of ALARP, must have a means of assigning financial values to impacts to the environment, physical assets, production stoppage, company reputation, etc., which also presents significant challenges to

8084-647: The seat of the Boards of Appeal of the Office for Harmonisation in the Internal Market – even if it were to become a judicial body. Over time ECJ developed two essential rules on which the legal order rests: direct effect and primacy . The court first ruled on the direct effect of primary legislation in a case that, though technical and tedious, raised a fundamental principle of Union law. In Van Gend en Loos v Nederlandse Administratie der Belastingen (1963),

8178-498: The signing of the Amsterdam Treaty . Issues from the third pillar were transferred to the first pillar. Previously, these issues were settled between the member states. Following the entrance into force of the Treaty of Lisbon on 1 December 2009, the ECJ's official name was changed from the "Court of Justice of the European Communities" to the "Court of Justice" although in English it is still most common to refer to

8272-454: The system, such as an additional alarm when a previous alarm is functioning. The second states that a risk control system does not have to be implemented if there is a more effective risk control that can not be simultaneously executed due to various scenarios such as spatial boundaries. By implementing this new standard of risk mitigation, companies must demonstrate that they have considered and implemented all necessary means of addressing risk of

8366-422: The term to negative impacts ("downside risks"), while others also include positive impacts ("upside risks"). Some resolve these differences by arguing that the definition of risk is subjective. For example: No definition is advanced as the correct one, because there is no one definition that is suitable for all problems. Rather, the choice of definition is a political one, expressing someone's views regarding

8460-423: The uncontrolled release of radiation or a toxic chemical may have immediate short-term safety consequences, more protracted health impacts, and much longer-term environmental impacts . Events such as Chernobyl , for example, caused immediate deaths, and in the longer term, deaths from cancers, and left a lasting environmental impact leading to birth defects , impacts on wildlife, etc. Information technology (IT)

8554-406: The violating member state no-one can force them. If that procedure does not result in termination of the failure by the Member State, an action for breach of Union law may be brought before the Court of Justice. If the Court finds that an obligation has not been fulfilled, the Member State concerned must terminate the breach without delay. If, after new proceedings are initiated by the commission,

8648-407: The works of a single author and are consequently generally more readable and deal with the legal issues more comprehensively than the Court, which is limited to the particular matters at hand. The opinions of the Advocates General are advisory and do not bind the Court, but they are nonetheless very influential and are followed in the majority of cases. In a 2016 study, Arrebola and Mauricio measured

8742-512: Was held on 28 November 1954 in a building known as Villa Vauban , the seat until 1959 when it would move to the Côte d'Eich building and then to the Palais building in 1972. In 1965, the member states established Luxembourg City as the permanent seat of the Court. Future judicial bodies (Court of First Instance and Civil Service Tribunal) would also be based in the city. The decision was confirmed by

8836-473: Was particularly critical of the court's judgment Mangold v Helm , which over-ruled a German law that would discriminate in favour of older workers. In 2011, the President of the Constitutional Court of Belgium , Marc Bossuyt , said that both the Court of Justice of the European Union and the European Court of Human Rights were taking on more powers by extending their competences, creating

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