This study focuses on the control strategy for industrial safety in Korea. Specifically, the effect of safety budget such as the industrial accident prevention fund on the safety performance to prevent and reduce industrial accidents is statistically examined first and modeled as a second order system. The effectiveness of such a dynamic model is also explained with a simple PI control mechanism in a feedback loop. The simulated model, however, suggests that, without improving the efficiency of the safety system, extra safety budget needed to decrease the accident rate to a level in advanced countries is far beyond the social consensus. An efficient way of reducing industrial accidents based on such a dynamic model with more internal damping but with less elastic nature in a feedback loop framework needs to be implemented.