Risk management is an essential part of obtaining FAA waivers and conducting safe drone operations. It involves identifying potential risks and hazards associated with drone operations and implementing measures to minimize or mitigate those risks.

The FAA requires drone operators to conduct a risk assessment as part of the process for obtaining a waiver, including a BVLOS waiver. A risk assessment is an evaluation of potential hazards and risks associated with a specific drone operation, taking into account factors such as the drone's size, weight, and capabilities, the location and environment of the operation, and the presence of people, other aircraft, and other potential hazards.

Based on the results of the risk assessment, drone operators should develop a risk management plan that outlines specific measures to minimize or mitigate identified risks. These measures may include:

1. Conducting regular inspections of the drone and equipment to ensure that they are in good condition and working properly
2. Implementing strict operational procedures to ensure safe drone operations, including takeoff and landing procedures, flight paths, and communication protocols
3. Establishing clear procedures for dealing with emergency situations, including procedures for returning the drone safely to the ground in the event of a malfunction or other problem
4. Ensuring that all personnel involved in the drone operation, including the remote pilot in command (RPIC), are properly trained and qualified for their roles
5. Obtaining any necessary permits or approvals from local authorities, including permission to operate in restricted airspace or near sensitive areas

By conducting a thorough risk assessment and implementing a comprehensive risk management plan, drone operators can minimize the likelihood of accidents or incidents and ensure that their drone operations are conducted safely and in compliance with FAA regulations.