Risk Assessment in Shipping Companies Intertanko Vetting Seminar Singapore 29th November 2005

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Risk Assessment in Shipping Companies
Intertanko Vetting Seminar Singapore29th
November 2005

• Anuj Sahai
• Lloyds Register Asia, Singapore

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Risk Assessment Do the shipping companies do it
well?
Risk ManagementAre shipboard risks well
managed?
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Leading indicators
Source Fearnleys, ITOPF
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Leading indicators

• 99.99999 of oil is safely delivered.

Source Intertanko
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Leading indicators
Source LMIS, Informa, press, INTERTANKO
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Perception

• The risks are well managed.
• Further improvements - only incremental.
• Risk Assessments why?

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Risk Assessment requirements

• Deficiencies
• Critical systems and equipment
• Health risk assessments
• Management of Change
• Near misses

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Reality

• IMO / Flag regulated
• Reactive not proactive
• Why fix it, if it aint broken?
• Compliance driven

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Risk Assessments

• Still thinking about it!

• Let someone else do it!

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Why Risk Assessments?

• ISM Code Implicit
• OCIMF TMSA
• Manage shipboard risks better
• Continuous Improvements

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Suggested Approach
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• Are your assessments
• being effective?
• Business or safety performance improvements?
• Can the benefits be measured?

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Link Risk Assessment to Performance (KPIs)

• LTIF
• LTAs
• Non-budgeted repair costs
• PSC results
• Insurance claims
• To crews! Retention Satisfaction

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Business Management and Risk Management

• Shipboard Risk management is about minimizing the
  chance of failure pure risk
• Effective risk management requires structured
  risk assessment as an input

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Hazards Identified using Different Approaches
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A Culture within a Culture
Safety Management Culture
Risk Based Culture
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Summarize

• Further Training / refresher training
• Continuous Improvement
• Commitment
• Competitive Advantage

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Building better business
Working together to improve business performance