Risk management today in shipping companies
AbstractThe risks at sea continue to be subject of many shipping documents describing the voyages completed by carriers engaged in maritime trading. The current policies aim for the development of some mutual insurances to cover the risks to which the ships are exposed to and, in particular, the crew which must be reimbursed in case of accidents. Currently, one of the biggest impediments standing in the way of the naval industry’s progress on an international level is the lack of methods for determining risk levels. The volume of commercial activities and the pressure put on the market requires orientation towards new methods and techniques of risk administration, in other words the elaboration of a risk management plan, which, as professor Kuo also said, has the purpose of “maintaining and controlling risks and dangers between certain tolerance margins, to a practically negligible level”. I consider that a coherent managerial plan must include techniques of identifying potential accidents and of analyzing risks, in order to improve the safety measures and to reduce the loss of human lives and also to increase the quality of decisions. The practice of an efficient management requires some quality standards to be set, which must be set progressively after a careful analysis of the organization and of the evolution perspectives. Therefore, synthetically, a system of safety management is based on going through the following steps: elaborating clear policies and safety objectives; planning concerning the development of action plans , with the determination of roles and the assignment of responsibilities; implementing the action plans and the methods; periodical evaluation, by comparing the results obtained with the objectives set; and last but not least, improving performance, by identifying malfunctions, periodical updating of the risk evaluation and by taking corrective measures
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Constanta Maritime University in its journal Constanta Maritime University Annals, Vol. 16, 2011.
Volume (Year): 16 (2011)
Issue (Month): 2 ()
Contact details of provider:
Web page: http://cmu-edu.eu
Find related papers by JEL classification:
- R0 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Georgiana Buzu).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.