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

Risk Assessment in Shipping Companies Intertanko Vetting Seminar Singapore 29 th November 2005. Anuj Sahai Lloyd’s Register Asia, Singapore. Risk Assessment Do the shipping companies do it well?. Risk Management Are shipboard risks well managed?. Leading indicators.

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

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  1. Risk Assessment in Shipping Companies Intertanko Vetting Seminar Singapore29th November 2005 Anuj Sahai Lloyd’s Register Asia, Singapore

  2. Risk Assessment Do the shipping companies do it well? Risk ManagementAre shipboard risks well managed?

  3. Leading indicators Source: Fearnleys, ITOPF

  4. Leading indicators • 99.99999% of oil is safely delivered. Source: Intertanko

  5. Leading indicators Source: LMIS, Informa, press, INTERTANKO

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

  7. Risk Assessment requirements • Deficiencies • Critical systems and equipment • Health risk assessments • Management of Change • Near misses

  8. Reality • IMO / Flag regulated • Reactive not proactive • Why fix it, if it ain’t broken? • Compliance driven

  9. Risk Assessments • Still thinking about it! • Let someone else do it!

  10. Why Risk Assessments? • ISM Code – Implicit • OCIMF – TMSA • Manage shipboard risks better • Continuous Improvements

  11. Suggested Approach

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

  13. Link Risk Assessment to Performance (KPI’s) • LTIF • LTA’s • Non-budgeted repair costs • PSC results • Insurance claims • To crews! Retention Satisfaction

  14. 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

  15. Actual Total Hazards ID from Prescriptive ID from Structured Risk ID from Unstructured Risk 100 % 0 Hazards Identified using Different Approaches

  16. A Culture within a Culture Safety Management Culture Risk Based Culture

  17. Summarize • Further Training / refresher training • Continuous Improvement • Commitment • Competitive Advantage

  18. Building better business Working together to improve business performance

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