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The New Risk Reality

“Too often, wrong decisions are the result of wishful thinking….”

In a global and transparent shipping business environment characterized by an increased focus on safety, environmental issues and social responsibility, today companies are facing a new risk reality. They have been shaken by accidents and events which have demonstrated their vulnerability. Widely publicized events, such as collapse of Enron and Arthur Anderson and the severe losses of tankers such as Erika and Prestige, have forced companies to take a fresh look at managing risk.

   Yet despite real progress, change does not happen overnight. Events described above have a major impact on those directly involved or affected, but at the same time, we also see a strong increase in concern from other stakeholders. In fact, doing business today is under constant scrutiny of legislators, politicians, the media, dedicated watchdogs and society at large.

Risk is an inherent part of any activity. And while risk can never be eliminated, it can be controlled as part of the management of any activity. Improving safety does not occur by chance, but is the result of planned actions and qualified decisions throughout the lifecycle of any activity. Too often wrong decisions can be the result of wishful thinking rather than factual knowledge and accurate assessments including the worst-case scenarios.

In LPG and LNG vessels identifying risks is far easier than implementing the solutions. Companies are becoming less tolerant of risk. Therefore, these trends not only call for shipping companies to continue to strengthen and focus their efforts to manage risks, but build credibility.

We are sure that India with its extensive technological know-how and risk based principles and solutions will appropriate measures to mitigate risk and improve quality ,safety and environmental performance of its operations.

                                                                                                 – Vikram Gokhale & N. Nanda (authors of NG Series)

N. Nanda and Vikram Gokhale are Marine Engineers with vast experience as Chief Engineers at sea and ashore. They are Senior faculty with a premier Maritime Institute at Mumbai.

Categories: Blogs

6 replies »

  1. I M IMPRSS WITH THIS REPORT AS NO ONE IS CONCERNING WITH THE SUNAMI EFFCT ON THE MARINE BUSSNESS BUT THIS REPORT GIVE A GOOD VIEW ABOUT THIS.

  2. This is an immediate solution today with the ability for full enterprise risk. It is an eye-opener.

  3. The accidents taking place are the results of improper decision/s taken by IMO related to safety measures. The problem is that Safety is considered as a formality and not as a priority in todays shipping business the reason for which is stressed staff onboard and too much relying on automation

  4. These 2 guys say it like it is & for all of those who think differently then they need to get out from the back seat of the car, as they have been sitting there too long. Excellent Report Mr. V.Gokhale & N.Nanda./ Capt D. Kruger M.M.

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