This chapter consists of four sections outlining how to deal with hazards and ongoing risk management. First, we elaborate on how to approach an analysis of a system’s hazards and implement and maintain a hazard log. Next, we elaborate on how ongoing risk management and dynamic risk analysis should ensure that high risk systems are under continuous monitoring and regular review. In the process of hazard identification and risk management, having clearly formulated risk tolerability criteria is paramount. Therefore, Sect. 12.3 outlines several approaches one could use for this purpose. When addressing a high risk system’s possible hazards and risk management strategies, it is important to also ensure the effective management and integration of the specific rules, limitations, and constraints that must be followed and monitored when using the system. The last section therefore outlines on safety-related application conditions (SRAC).