Risk Management Act of 1995

Risk Management Act of 1995 - Declares that this Act applies to all risk assessments prepared by, or on behalf of, an agency in connection with health, safety, and environmental risks.

(Sec. 4) Declares that an agency head shall not be required to prepare a risk assessment for: (1) an emergency situation; (2) a rule or agency action that authorizes the introduction into commerce, or recognizes the marketable status of, a product; (3) a health, safety, or environmental inspection or individual facility permitting action; (4) product registrations, re-registrations, tolerance settings, and reviews of premanufacturing notices and existing chemicals under the Federal Insecticide, Fungicide, and Rodenticide Act and the Toxic Substances Control Act; (5) any individual food, drug, or other product label, or any risk communication appearing on any such label; or (6) a screening analysis.

(Sec. 6) Requires a Federal agency to prepare a risk assessment under this Act: (1) for each major rule relating to human health, safety, or the environment; (2) for each major risk communication; and (3) before conducting an environmental management activity to eliminate a risk or reduce it to reasonable limits, if the agency head determines that the estimated cost of that activity is more than $25 million.

(Sec. 7) Requires agencies to conduct and make publicly available specified risk comparisons, cost-benefit analyses, and effectiveness certifications of major rules and environmental management activities before promulgating a final major rule or conducting such an activity.

(Sec. 8) Prescribes principles to be followed by an agency when preparing: (1) risk assessments; (2) major risk communications; (3) regulatory proposals or decisions; and (4) any other public communication concerning the conclusion of a risk assessment.

(Sec. 10) Prescribes guidelines under which the President shall promulgate a final rule for the review and revision of previously- prepared agency risk assessments.

(Sec. 11) Prescribes guidelines under which an agency head shall: (1) use risk assessment to set priorities for the use of available resources; (2) use risk assessment priorities to support a regulatory agenda; and (3) incorporate risk-based priorities into the agency's annual budget request to the Congress.

(Sec. 13) Instructs the Director of the Office of Science and Technology Policy to develop a systematic program to oversee the use and quality of peer review by agencies developing risk assessments under this Act.

Requires the Secretary of Energy to direct a national program to foster and improve comparative risk analysis as a tool in regulatory and environmental management decision making.

(Sec. 14) Provides that a risk assessment, peer review, cost- benefit analysis, or certification prescribed under this Act shall not be subject to judicial review separate and apart from any final agency action to which it relates, but shall be made part of the administrative record for judicial review of any final agency action to which it relates.