A few key principles come to mind in response to the OP.
Proportionality - it is key to risk management and has been a legal requirement at least as far back as the '92 legislation
Give much more attention to any credible likelihood of death from exposure to a hazard (an eruption - yes; an elevator - no)
Consider statistical value of life when determining the boundaries of accepting a credible risk of death
Genuinely allow those exposed to the risk assist in working out credible chance of death - again a legal requirement at least as far back as '92