Focus on the Risk management elements in the Aviation Industry.
RISK REGISTER. It is highly recommended to create and maintain a Risk Register, containing the relevant risk information for each of the identified scenarios. This risk register should be reviewed regularly as part of the business continuity process. RISK ASSESSMENT. Risk is commonly defined as a combination (product) of likelihood and impact of an event. This is also the case in a contingency context. In contrast to common (economic) risk assessments, where likelihood and impact are equally weighted, contingency situations have some particularities. Contingency situations, fortunately, have a low occurrence likelihood. Humans are known to have problems dealing probabilistic events, especially with low likelihood events. In addition to these low base rates, the impact variation can be very high, and the impact mechanisms are often not very well understood. For this last group of scenarios, further research is necessary to enable better risk contingency risk asse...
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