In a safety management system (SMS), risk management plays a key role for the prevention of accidents. This study aims to propose a safety management model by using a system dynamics approach applied to the Bhopal incident. The model proposed in this paper discusses the relationships among the main causes that have contributed to the occurrence of the incident studied, such as broken safety devices, inadequate personnel experience, operator decisions, manager production strategy, policy decision, as deduced from the relevant literature about the Bhopal incident dynamics. The simulation and the results clarify how to manage the key factors to make the plant safe. Moreover, we want to underline how these key modern aspects of safety could be enhanced by using the enabling technologies of industry 4.0.