How we define Risk?

Risk include any possible chance of undesirable, adverse consequences to human life, health, property, or the environment. The risk assessment is usually based on the expected value of the conditional probability of the event occurring increased by the expected consequences of the given event.

Risk analysis

This step features a detailed examination including risk assessment, evaluation, and management, aimed at understanding the nature of unwanted, negative consequences to human life, health, property, or the environment; an analytical process to provide information about undesirable events; the process of quantification of probabilities and expected consequences for identified risks.

Risk Assessment

This is the process of gaining and analyze the necessary data to assess the acceptable levels of risk for an individual, group, society, or the environment.

The major elements of the Risk Assessment process are:
- Anticipation;
- Recognition;
- Evaluation.

Differences between “Risk Assessment” and “Risk Management”:

- Identification, Recognition and Evaluation are part of the Risk Assessment process;
- Control is part of the Risk Management process.

Risk Assessment

Risk identification

First we need to recognize the existence of some kind of a hazard and try to define its characteristics. Often risks are present and are even measured for some time before their adverse consequences are recognized. In other cases, risk identification is a deliberate procedure to identify and (hopefully) to anticipate possible hazards.

Risk estimation

This step involves the scientific determination of the risk characteristics, usually providing quantitative measurements. Such measurements include magnitude, spatial scale, duration and intensity of possible adverse consequences and related probabilities, along with a cause description and its likely effects.

Risk evaluation

This component of the Risk Assessment process allows for a reasonable estimate of the risk’s scope and acceptance.

Risk Management

The Risk Management process includes:
- Making decisions about accepting or revising such risk;
- Restricting and confining the chances of risk within acceptable limits at a reasonable cost.

Our solutions will support your Company in prioritizing the risk management for those areas with the greatest potential for improved safety. The Risk Management procedure is particularly appropriate for the operations of any vessel with major consequences produced by any possible accident (i.e. Bridge & Navigation Management, Cargo Operations, Vessel operations while in port, etc.). In this respect, we strongly suggest the adoption and the implementation of the ISO 31000:2009 guidelines.

However, to be truly effective this Risk Management process should be fully integrated withing the Company overall governance, management, ISM and ISO reporting process, HSE and Quality policies, as well as with its general mission and vision.

Such a Risk Management approach is also compatible with the development of Safety Management System (SMS) in compliance with the IMO International Safety Management (ISM) Code new amended objective ” assess all identified risks to its ships, personnel and the environment and establish appropriate safeguards…”, entering into force on 1 July 2010.

Shortly, we are here to assist your Company along the entire process: please do not hesitate to contact us with any question you might have!