Risk Management - Oil Spill - Research Paper Example

The paper "Risk Management - Oil Spill " is a perfect example of a management research paper. Risk management is done in order to avoid risks from arising and also to minimize their consequences. First of all, it is needed to correctly recognize all known risks so that all the possible risks can be assessed within time. Secondly, it is required to determine the consequences and probability of each recognized risk. After taking all the necessary steps, different frameworks should be identified so that risks can be mitigated completely.

Over the last two decades, public alertness and anxiety about oil spills have been high. Prospective arrangements for opening offshore and the Arctic regions for oil explorations have once more caused great alarm (Etkin, 2009, p.3). The frameworks which have been used to manage oil spillage risks are the tiered response approach, Biological Exposure Model, Response planning strategies, Bio-remediation approach, Biological techniques, Physical methods, In Situ Burning method and International Convention on Oil Pollution Preparedness Response and Cooperation framework.

The new framework which is designed is the Oil Spill Risk Analysis Model which is used to calculate the courses of oil spills from hypothetical spill locations to different environmental resources.Therefore, this paper is concerned with the management of oil spills and oil spillage risk in oil exploration programs. The happening of oil spills is basically a matter of probability. A probabilistic incident like an oil spill event or an oil spill contact to an environmentally responsive area cannot be forecasted; only an approximation of its likelihood can be quantified (Scarlett, Linkov and Kousky, 2011, p.20).Before applying the risk management practices; risk assessment should be done in order to know that what can go wrong at a definite time period and what the outcome will be if it does.

Therefore, it is necessary to find out the probable occurrences that could lead to an oil spill, together with the feasible resulting impacts. (Imo, 2010, p.3). This paper will focus on the methodology and structure, purposes of risk management, application of risk management in oil exploration programs, identification of spillage risks, risk assessment of oil spillage risks, risk response planning for oil spillage risks and risk monitoring and control for oil spillage risks.