The chapter analyses knowledge management paradigms for the understanding and prioritisation of risks (risk assessment), leading to decision- making amongst policy makers. Studies and approaches on knowledge-based risk assessment, and in general risk management, vary depending on perceptions of risk, and these perceptions affect the knowledge scope and, ultimately, affect decisions on policy. Departing from the problems of big data in aviation, the shortcomings of the existing knowledge management paradigms and the problems of data conversion to knowledge in aviation risk management approaches are discussed. The chapter argues that there is a need for transciplinarity and interdisciplinarity for greater understanding of context, deriving from the challenges in the big data era and in aviation policy making. In order to address the challenging dynamic context in aviation, the chapter proposes a strength/knowledge-based inquiry that involves public sector and high-power organisations, in order to gain holistic knowledge and to aid the decision analysis of policy makers.