FOI: Principles of Risk Management (Task G) Flashcards
Risk management
Logical process of weighing the potential costs of risk against the possible benefits of allowing those risks to stand uncontrolled
Principles of Risk Management
- Accept no unnecessary ris
- Make risk decisions at the appropriate level
- Accept risk when benefits outweigh the costs
- Integrate risk management into planning at all levels
Accept no unnecessary risk
Any risk that is one that doesn’t provide a comparable return
Make risk decisions at the appropriate level
Decision maker must be authorized to accept risk typical to the operation
Accept risk when benefits outweigh the cost
Benefits should be compared against all identified cost
Integrate risk management into planning at all levels
Risk is more easily assessed and managed in the planning stages of an operation
Risk management process
Simple process which identifies operational hazards…
Risk Management Process
IAMMIS
- Identify the hazard
- Assess the risk
- Analyze risk control measures
- Make control decisions
- Implement risk controls
- Supervise and review
Implementing the process
Apply the steps in sequence
Maintain a balance in the process
Apply the process to
Level of risk
- Severity-Extent of possible loss
- Probability- Likelihood that a hazard will cause a possible loss
Assessing risk likelihood
- Probable
- Occasional
- Remote
- Improbable
Assessing risk severity
- Catastrophic
- Critical
- Marginal
- Negligible
Mitigating risk
The actions that can be taken to reduce risk
PAVE
- Pilot
- Aircraft
- Environment
- External pressures
IMSAFE
- Illness
- Medications
- Stress
- Alcohol
- Fatigue
- Eating
