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FOI's > Principles of Risk Management and the Risk Management Process > Flashcards

Principles of Risk Management and the Risk Management Process Flashcards

1
Q

ATPFlightSchool.com

Define risk.

A

The probability and possible severity of accident or loss from exposure to various hazards, including injury to people and loss of resources.

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2
Q

ATPFlightSchool.com

What are the six types of risk?

A
  • Total risk
  • Identified risk
  • Unidentified risk
  • Unacceptable risk
  • Acceptable risk
  • Residual risk
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3
Q

ATPFlightSchool.com

Define total risk.

A

The sum of identified and unidentified risks.

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4
Q

ATPFlightSchool.com

Define identified risk.

A

Risk which has been determined through various analysis techniques. Identifying risk is the first task of system safety.

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5
Q

ATPFlightSchool.com

Define unidentified risk.

A

Risk that is still unknown. Unidentified risk can become identified if a mishap occurs that reveals the risk, or it may never be known.

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6
Q

ATPFlightSchool.com

Define unacceptable risk.

A

Risk which can not be tolerated and must be eliminated. A subset of identified risk.

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7
Q

ATPFlightSchool.com

Define acceptable risk.

A

Risk that has been identified and is allowed to persist without further action.

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8
Q

ATPFlightSchool.com

Define residual risk.

A

Risk that is left over after safety systems have been fully employed. It is the sum of acceptable risk and unidentified risk. This is the total risk passed on to the user.

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9
Q

ATPFlightSchool.com

Define risk management.

A

A decision-making process designed to systematically identify hazards, assess the degree of risk, and determine the best course of action.

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10
Q

ATPFlightSchool.com

What is a hazard?

A

A condition, event, object, or circumstance that could lead to or contribute to an unplanned or undesired event, such as an accident. A source of danger.

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11
Q

ATPFlightSchool.com

What is a risk?

A

The future impact of a hazard that is not controlled or eliminated. The possibility of loss or injury.

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12
Q

ATPFlightSchool.com

What is safety?

A

Freedom from those conditions that can cause death, injury, damage to property, or damage to the environment. Absolute safety is not possible, so safety is a relative term implying an acceptable level of risk.

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13
Q

ATPFlightSchool.com

What are the four main principles of risk management?

A
  • Accept no unnecessary risk
  • Make risk decisions at the appropriate level
  • Accept risk when benefits outweigh the costs
  • Integrate risk management into planning at all levels
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14
Q

ATPFlightSchool.com

What is unnecessary risk?

A

Risk which has no benefit in return.

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15
Q

ATPFlightSchool.com

What does it mean to make risk decisions at the appropriate level?

A

The person making the risk decision is authorized to develop and implement appropriate risk controls, and to accept the associated level of risk.

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16
Q

ATPFlightSchool.com

What does it mean for a benefit to outweigh a cost?

A

All identified benefits should be compared against all identified costs. High risk endeavors may be undertaken, but they should have even higher benefits.

17
Q

ATPFlightSchool.com

Explain what it means to integrate risk management into planning at all levels.

A

Risk management principles should be used from the preflight planning stage of a flight through the post-flight. Managing risk is usually easier in the earlier phases of planning and executing an operation.

18
Q

ATPFlightSchool.com

What are the six steps in the risk management process?

A
  1. Identify the hazard
  2. Assess the risk
  3. Analyze risk control measures
  4. Make control decisions
  5. Implement risk controls
  6. Supervise and review
19
Q

ATPFlightSchool.com

Explain how to identify a hazard.

A

Identifying hazards is the process of using experience, common sense, and analytical tools to look for conditions that have the potential to cause harm.

20
Q

ATPFlightSchool.com

Explain how to assess a risk.

A

After identifying a hazard, the probability and severity of an accident are evaluated, assuming the hazard remains in its current condition.

21
Q

ATPFlightSchool.com

What are risk control measures?

A

Strategies used to reduce the probability or severity of a specific risk.

22
Q

ATPFlightSchool.com

What is a control decision?

A

A decision made by a person authorized to choose and implement the risk controls that will help reduce the impact of an identified hazard or risk.

23
Q

ATPFlightSchool.com

Explain what it means to implement a risk control.

A

After a control decision has been made, a plan must be formulated, and the time, materials, and personel needed to implement the risk controls must be provided.

24
Q

ATPFlightSchool.com

Explain what it means to supervise and review a risk control.

A

After a risk control is in place it must be periodically reevaluated to ensure effectiveness. This process will continue indefinetely.

FOI's (10 decks)

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