This mechanism is known as three ring release system, invented by Bill Booth, which allows a skydiver to quickly cutaway the malfunctioning part of the parachute. This 3-ring system is simple, inexpensive and requires fewer operations which can be hard whilst the parachuter works to save his life.
The large bottom ring is securely attached to the skydiver’s harness, the middle ring is securely attached to the end of the parachute riser, and the small ring is securely attached to the parachute riser above the middle ring. The middle ring is passed through the large ring and looped upwards; the small ring is then passed through the middle ring and looped upwards. Continuing in the same manner, a cord loop is passed through the small ring, loop upwards, and finally passes through a grommet to the opposing side of the parachute riser. A semi-rigid cable attached to a release handle then passes through this loop, securing the loop. Releasing the cord loop by removing the cable with a tug causes the three-ring system to cascade free and quickly disconnect the riser from the harness. (via Wikipedia)
You can watch the demonstration of its working here.
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