Resources - Risk Management

Risk Management Glossary

COSTS. Direct and indirect costs to the United States Government, State, local, and tribal governments, international trade impacts, and the private sector.

EMERGENCY. A circumstance that requires immediate action to be taken.

HAZARD. Condition, event, or circumstance that could lead to or contribute to an unplanned or undesired event.

HAZARD IDENTIFICATION. Identification of a substance, activity, or condition as potentially posing a risk to human health or safety.

HIGH-CONSEQUENCE DECISION. Decision that either creates or could be reasonably estimated to result in a statistical increase or decrease in personal injuries and/or loss of life and health, a change in property values, loss of or damage to property, costs or savings, or other economic impacts valued at $100,000,000 or more per annum.

PRODUCT LIFE CYCLE. The entire sequence from precertification activities through those associated with removal from service.

MISHAP. Unplanned event, or series of events, that results in death, injury, occupational illness, or damage to or loss of equipment or property.

RISK. Expression of the impact of an undesired event in terms of event severity and event likelihood.

RISK ASSESSMENT. (a) Process of identifying hazards and quantifying or qualifying the degree of risk they pose for exposed individuals, populations, or resources; and/or (b) Document containing the explanation of how the assessment process is applied to individual activities or conditions.

RISK CHARACTERIZATION. Identification or evaluation of the two components of risk, i.e., undesired event severity and likelihood of occurrence.

RISK MANAGEMENT. Management activity ensuring that risk is identified and eliminated or controlled within established program risk parameters.

SAFETY RISK. Expression of the probability and impact of an undesired event in terms of hazard severity and hazard likelihood.

SUBSTITUTION RISK. Additional risk to human health or safety, to include property risk, from an action designed to reduce some other risk(s).

Source: FAA Office of System Safety

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