The RAN has adopted a risk management approach based on two principles. The first
principle is that levels of risk are identified using a Hazard Risk Index (HRI). The HRI uses a
traditional decision tree method in that it estimates the likelihood and consequences of a risk
event occurring. The second principle is that risk is managed by accredited individuals
known as Competent Authorities (CAs). The paper will illustrate the strengths and
weaknesses of the RAN’s risk management approach. On the one hand, the RAN has done
an excellent job to reduce cognitive error by aligning risk management with competency.
This ensures that decision makers have necessary knowledge to anticipate and respond to
risk. On the other hand, we will see that the RAN faces a new threat – the sheer volume of
technical decisions – which makes it difficult for individuals to prioritize risks