Operational Risk Management consists of three elements: Hazard Identification, Risk
Assessment and Risk Reduction (mitigation, in ICAO terminology). The main
objective of Risk Management is to make sure that all risks remain at an acceptable
level. The objective for Operational Risk Assessment is the Assessment of
operational risks in a systematic, robust and intellectually cohesive manner.

​Operational Impacts

In practice, a single event may relate to more than one type of risk and Operators must manage different types of risks in parallel. These risks include:

  1. Financial risk – the risk of significant financial loss.
  2. Environmental risk – the risk of damage to the environment.
  3. Reputation risk – the risk of damage to one's reputation
  4. Operational risk – the risk of operational delays resulting from the grounding of a UAS.
  5. Airworthiness risk – the risk that the UAS may be not be airworthy due to maintenance or ground handling problems.
  6. Security risks – risk of loss due to deliberate actions endangering the flight

Insurance Impacts

The insurance industry is still trying to come to terms with how to rate policies for UAS Operators. AeroUAVs Professionals have years of experience with auditing and risk analysis in manned Aviation. We are currently working with some of our associates to in developing "Risk Analysis Tools" similar to that used in the Manned Aviation world. We believe that we can work with Insurance companies to better assess an operator's risk, or work with your Organization to identify and develop risk mitigation strategies. 

FAA Risk Management Handbook

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