ABSTRACT

This chapter provides a broad overview of risk management in order to facilitate the follow-on explanations of the time-sensitive risk management process used during operational execution. Time-sensitive risk management during operational execution can include several factors that affect the decision-making methods and which set it apart from other forms of risk management. Time-sensitive risk management is the process for dealing with risks in time-compressed situations where there is limited time to work through a formal risk identification, assessment, and management process. One of the most challenging aspects of risk management is making sense of the information and actually using the knowledge we have gained about risks to make a decision or set of decisions. Equipping operational teams with the knowledge to identify hazards and to implement a range of control resources should be part of the risk management training process, and organizations should endeavor to ensure employees understand these skills.