Which statement best describes an 'acceptable risk'?

An 'acceptable risk' is best described as a risk that is actively managed and considered tolerable, which is the essence of making informed decisions in operational risk management. In the context of Navy ORM, acceptable risks are those that have been evaluated, understood, and deemed manageable within the parameters of the mission and its objectives.

Active management involves implementing controls or mitigation strategies to reduce the risk to a level that is aligned with the organization’s risk tolerance. This recognizes that some risks are inherent in operations and cannot be entirely eliminated, but with effective oversight, they can be handled adequately to ensure mission success.

The other options do not align with the concept of acceptable risk as understood in ORM. A risk that has no potential consequences is unrealistic, as all risks have some level of impact. Dismissing a risk without evaluation contradicts the principles of ORM, which emphasize the importance of assessing and understanding risks before making decisions. Additionally, while risks can contribute positively to mission objectives, they must still be evaluated to determine if they are acceptable; not all risks that appear beneficial are manageable or tolerable. Thus, the understanding of acceptable risk focuses on the balance between the potential benefits and the active management of associated hazards.