Practical Risk Management

Risk management is one of the 4 pillars of a safety management system: Policy, Risk Management, Assurance and Promotion. Practical risk management is about realizing that tragic mishaps lay in our future, unless the multiple hazards that combine to create risk are identified and controlled. The risk management process is the “engine” that drives a generative safety management system (FAA 2008). As part of this system, hazards are proactively identified by systems experts prior to mishaps in order to create information about risk. “Information is best understood within the context where the individuals make choices, i.e. utilize the information” (Leng, 2009). Armed with this unique perspective, better strategic risk decisions can be made, reducing the need for risky and reactive tactical risk decisions. Through valid risk analysis and assessment, preventative measures are crafted and implemented that eliminate or reduce the severity and frequency of mishaps.

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