"However, it would be possible to produce a document which stated how the air operator "manages" his exposure to the above risks."
Correct - an *rse-covering exercise conducted by the operator for the benefit of the CAA, merely words in a document on the shelf, none of which detracts from the fact that the operation is less safe than it would be in controlled airspace - in some areas of Class G, considerably less safe.
Note to the PC experts - how do you make quotes in pretty blue boxes nowadays?