Advanced Safety Management System(SMS) of Korea Railroad Corporation for risk management should be established applying contents-centered domestic standard according to Railway Safety Act and process-centered international standards suggested by Lloyd's Register Company. Besides, laws, regulations, guidelines and manuals which are optimized for each sector should be systematically integrated to strengthen the consistency of SMS of KORAIL. New safety regulations and guidelines for safety management/train operations/maintenance should be established according to the safety policy of KORAIL to boost effective field work by regulations, guidelines, manuals, etc. The advanced Safety Management System will lead KORAIL as a competent global enterprise with its boosted reputation in the international railway market.