DEFINING ELEMENTS OF RISK MANAGEMENT

Defining Elements of Risk Management Lesson by wifiCFI


Defining “Hazard” By definition, a hazard is a present condition, event, object, or circumstance that could lead to or contribute to an unplanned or undesired event such as an accident. 


It is a source of danger. 


Four common aviation hazards are: 

A nick in the propeller blade 

Improper refueling of an aircraft 

Pilot fatigue 

Use of unapproved hardware on aircraft

Recognizing the Hazard Recognizing hazards is critical to beginning the risk management process. 


Sometimes, one should look past the immediate condition and project the progression of the condition. 


This ability to project the condition into the future comes from experience, training, and observation.


If pilots do not recognize a hazard and choose to continue, the risk involved is not managed.

Tools for Hazard Awareness Advisory Circulars (AC

Advisory circulars (ACs) provide nonregulatory information for helping comply with 14 CFR. 


They amplify the intent of the regulation. 


For instance, AC 90-48, Pilot’s Role in Collision Avoidance, provides information about the amount of time it takes to see, react, and avoid an oncoming aircraft. 

Defining “Risk”

Risk is the future impact of a hazard that is not controlled or eliminated. 


It can be viewed as future uncertainty created by the hazard.

Managing Risk Risk is the degree of uncertainty. 


An examination of risk management yields many definitions, but it is a practical approach to managing uncertainty.


Risk assessment is a quantitative value assigned to a task, action, or event. 

Types of Risk: Total Risk

The sum of identified and unidentified risks.


Identified Risk

Risk that has been determined through various analysis techniques.


Unidentified Risk

Risks not yet identified.


Unacceptable Risk

Risk that cannot be tolerated.


Acceptable Risk

Risk that is allowed to persist without management action.


Residual Risk

The risk remaining after safety efforts have been fully employed.


Conclusion Therefore, risk management is the method used to control, eliminate, or reduce the hazard within parameters of acceptability. 


Risk management is unique to each and every individual, since there are no two people exactly alike in skills, knowledge, training, and abilities. 


An acceptable level of risk to one pilot may not necessarily be the same to another pilot. 

FAA Sources Used in this Lesson Risk Management Handbook - Chapter 1 Advisory Circular (AC) 90-48


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