sec.27Risk management

### sec.27 Risk management Risk is effectively managed when all persons individually and as part of their respective workgroups and organisations, take action to keep risk at an acceptable level. In particular, effective risk management is achieved when persons apply risk management procedures and practices that are appropriate for the nature of the risk, operation or task being performed. Risk management is the systematic application of policies, procedures and practices to— identify, analyse, and assess risk; and avoid or remove unacceptable risk; and monitor levels of risk and the adverse consequences of retained residual risk; and provide for critical controls; and investigate and analyse the causes of serious accidents and high potential incidents with a view to preventing their recurrence; and review the effectiveness of risk control measures, and take appropriate corrective and preventive action; and mitigate the potential adverse effects arising from retained residual risk. s 27 amd 2024 No. 34 s 153 (sec.27-ssec.1) Risk is effectively managed when all persons individually and as part of their respective workgroups and organisations, take action to keep risk at an acceptable level. (sec.27-ssec.2) In particular, effective risk management is achieved when persons apply risk management procedures and practices that are appropriate for the nature of the risk, operation or task being performed. (sec.27-ssec.3) Risk management is the systematic application of policies, procedures and practices to— identify, analyse, and assess risk; and avoid or remove unacceptable risk; and monitor levels of risk and the adverse consequences of retained residual risk; and provide for critical controls; and investigate and analyse the causes of serious accidents and high potential incidents with a view to preventing their recurrence; and review the effectiveness of risk control measures, and take appropriate corrective and preventive action; and mitigate the potential adverse effects arising from retained residual risk. - (a) identify, analyse, and assess risk; and - (b) avoid or remove unacceptable risk; and - (c) monitor levels of risk and the adverse consequences of retained residual risk; and - (d) provide for critical controls; and - (e) investigate and analyse the causes of serious accidents and high potential incidents with a view to preventing their recurrence; and - (f) review the effectiveness of risk control measures, and take appropriate corrective and preventive action; and - (g) mitigate the potential adverse effects arising from retained residual risk.