I think those who are the best at consistently managing risks are the greatest pilots.
To me, this starts from basic training. The pilot who is humble and stays constantly aware of what he knows and does not know, and what he can and cannot do during his training, is already a good risk manager. But training and experience expand the areas of flight that a pilot can safely operate in. A great pilot is always learning since knowledge always reduces risk, as he will not venture into a specialized area of flying without the proper training, and an accurate assessment of his own ability to execute those skills.
I agree a great pilot knows his aircraft, he stays on top of emergency procedures and he stays current. He's aware of when certain skills began to deteriorate, and avoids flights that place serious demands on those skills until he's attained proficiency again. I agree he must have excellent situational awareness while flying in circumstances that conform to his training and experience, and known safe flying practices.
As far as being "heroic" is concerned, I think that it's the rare situation (outside of war) that required a pilot to operate at higher risk levels. It would be rare indeed for another person's life to be "solely" dependent upon you. If that rarity does occur, then putting your own life at risk becomes part of your risk assessment. However the guy injured in a car crash on a foggy night will not benefit from your efforts if you crash the helo on the way to retrieve him, and if you crash the helo on the way to the hospital, well...
I've left many things out that are involved in risk management, but the pilot who does this consistently well will minimize the risk to his and other peoples lives, will nearly always accomplish the mission, will teach others to do the same, and will retire with his pension. This guy is the ace of the base.
(Edited for a typo)
[ 10 December 2001: Message edited by: Flight Safety ]