The boundaries - a professional perspective Here we have the difference between hazard management and risk management. Under a risk management system, we specifically accept some risk. In some situations (such as White Island, and other adventure activities) the risk is part of the attraction. The difference is that now, we will happily accept a perceived risk, but not tolerate any real risk, especially when it goes wrong.
The acceptable level of risk needs to be spelt out in the risk management policies. There are some industries that the risk of a fatality simply cannot be eliminated, so must be minimised as much as possible, and this needs to be documented. It's a concept that I find many in H&S find uncomfortable, but is better than denying that there is still any risk of fatality.