How do these things work? Does anyone do a proper EASA/ICAO risk assessment, or is it just a nod and a wink from one good old boy to another?
Appendix A, CAP403.
There isn't an EASA/ICAO risk assessment matrix for airshows, but the CAP 403 covers the requirements. The EASA/ICAO SMS matrix is sometimes overkill for some requirements and not inclusive enough for others, it isn't a one size fits all RA. I have no doubt that an airport like Shoreham has an SMS integral with their core business, which would be used and enhanced for 'display' events adding the requirements of CAP403 and CAA Doc.743.
I know first hand of a work up to DA by a crew last year, prior to Shoreham, and I can assure you that SMS/CAP403/Doc743 and even H&S at work (snore) were all covered in the planning.