For section 50 of the Principal Act substitute —
(1) A rail transport operator must—
(a) identify all incidents which could occur while carrying out any railway operations in respect of which the operator is accredited; and
(b) identify all hazards that could cause, or contribute to causing, those incidents.
(2) A rail transport operator must document all aspects of any identification required by subsection (1), including the methods and criteria used for identifying the incidents and hazards.
(3) A rail transport operator must conduct a comprehensive and systematic assessment in relation to all possible incidents and all hazards identified in accordance with subsection (1).
(4) An assessment must involve an examination and analysis of the hazards and incidents identified so as to provide the rail transport operator with a detailed understanding of all aspects of risk to safety associated with the incidents, including—
(a) the nature of each hazard and incident; and
(b) the likelihood of each hazard causing an incident; and
(c) in the event of an incident occurring—
(i) its magnitude; and
(ii) the severity of its consequences of the incident; and
(d) the range of control measures considered to eliminate or minimise the risk to safety.
(5) In conducting an assessment, the rail transport operator must—
(a) consider hazards cumulatively as well as individually; and
(b) use assessment methodologies (whether quantitative or qualitative, or both) that are appropriate to the hazards being considered.
(6) The rail transport operator must document all aspects of the assessment, including—
(a) the incidents and hazards considered; and
(b) the likelihood and severity of consequences; and
(c) the range of control measures considered, including—
(i) statements as to their viability and effectiveness; and
(ii) reasons for selecting certain control measures and rejecting others.
(7) In this section, "incident" includes major incident.".