In Safety Management System (SMS), the risk management plays a key role for the prevention of accidents. The aim of this paper is to propose a Safety Management model using a system dynamic approach to update conventional industrial safety into the new industrial safety 4.0 that is time to developed. This study analyzes some safety 4.0 aspects lacked in the Bhopal incidental event by considering different data detected in the industrial Plant. The model proposed in this paper discusses the relationships among the main causes that have contributed to the occurrence of the incidental event studied, such as broken safety devices, inadequate personnel experience, operator decisions, manager production strategy, policy decision, as deduced from the relevant literature about Bhopal incidental dynamic.