Task G - Risk Management

Question 1

What is risk management?

Answer 1

• a decision making process designed to systematically identify hazards, assess risk, and determine best course of action

Question 2

What are the principles of risk management?

Answer 2

1. accept no unnecessary risk
2. make risk decisions at the appropriate level
3. accept risk when benefits outweigh the costs
4. integrate risk management into planning at all levels

Question 3

What is the risk management process?

Answer 3

1. identify hazard
2. assess risk
3. analyze risk control measures
4. make control decisions
5. implement controls
6. review

Question 4

How should you implement risk management?

Answer 4

apply steps in sequence
maintain balance
apply process cycle
involve people

Question 5

What are the 2 different levels of risk?

Answer 5

• severity (negligible, marginal, critical, catastrophic)

- probability (improbable, remote, occasional, probable)

Question 6

How should you assess risk?

Answer 6

• use the probability/severity matrix as well as risk management checklists

Question 7

How can you mitigate risk?

Answer 7

• make sound decisions and use ORM

- “mitigate the risks you can, choose whether or not to accept the risks you can’t”

Question 8

IMSAFE Checklist

Answer 8

Illness
Medication
Stress
Alcohol
Fatigue
Eating/emotions

Question 9

PAVE Checklist

Answer 9

Pilot
Airplane
enVironment
External pressures

Question 10

5P Checklist

Answer 10

Plan
Plane
Pilot
Passengers
Programming