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Commercial aviation, therefore, warrants the highest attention to risk management, precisely by virtue of the obvious risks to life and limb first, and devastating financial consequences of materialized risks associated with commercial aviation operations.
Designing and implementing a comprehensive risk management program entails specific components to identify potential risks, evaluate their likelihood of occurrence, the magnitude of harm associated with them, and the interrelationship of their statistical likelihood and extent of potential harm they represent. Program implementation is, in many ways, merely the first step in a long-term comprehensive safety strategy for effective and economical risk mitigation, precisely because the complexities of risk management in commercial aviation.
Consequently, post-implementation procedural monitoring and regular follow-up are necessary to ensure proper redress of any operational oversights and inadequacies, especially those that come to light only retrospectively...
In this regard, statutory requirements are merely the first level of risk management strategy, and supplemental considerations, independently-initiated analyses, and monitoring play an equally important role in ensuring the safety of commercial aviation operations.
SOURCES
Transport Canada (2007). Canadian Aviation Regulations. Accessed October 27, 2007, at http://www.tc.gc.ca/civilaviation/risk/menu.htm
U.K. Civil Aviation Authority (2006). The CAA Risk Management Process. Accessed October 27, 2007, at http://www.caa.co.uk/default.aspx?catid=978&pagetype=90&pageid=279
U.S. Federal Aviation Authority (2005) Safety Risk Management.
Accessed October 27, 2007, at http://www.faa.gov/library/manuals/aviation/risk_management/
U.S. Department of Agriculture Forest Service (2005).
Aviation Safety Center. Risk Management; Accessed October 27, 2007, at: http://www.fs.fed.us/fire/av_safety/risk_mgt/index.html
Accessed October 27, 2007, at http://www.faa.gov/library/manuals/aviation/risk_management/
U.S. Department of Agriculture Forest Service (2005).
Aviation Safety Center. Risk Management; Accessed October 27, 2007, at: http://www.fs.fed.us/fire/av_safety/risk_mgt/index.html
Works Cited: Murray, G. (2008, January). The Case for Corporate Aviation. Risk Management, 55(1), p. 42. Sheehan, J. (2003). Business and Corporate Aviation Management: On Demand Air Transportation. New York: McGraw Hill. Suzuki, Y. (2000). The effect of airline positioning on profit. Transportation Journal, 39(3), 44-54. Toomey, J. (2010, March). Building Parner Aviation Capacity Through Training. DISAM Journal of International Security Assistance Management, 31(4), pp. 118-25. Transportation Security Administration. (2011, March). Air Cargo Security Programs. Retrieved
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