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Risk Management Practices in Sea Ports - Essay Example

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Risk management is essential for any business to ensure success for the business and satisfaction for the customers. As a rule every business regardless of the location should have a risk management plan that can protect the business or organization from potential lawsuits, to meet standard regulations and protect business assets…
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Risk Management Practices in Sea Ports
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Download file to see previous pages The risks that a port might be exposed to can be assessed and evaluated to further determine the costs for implementing a risk management plan. "Compliance with existing rules and regulations does not necessarily make for a safe port" (Lloyd's Register). This is very true and unfortunately many ports around the world rely on regulations alone to manage their port assets, this however can be detrimental to the overall need for a safe seaport. Lloyd's register is a company that assesses ships systems in order to provide improve their overall quality as well as facilitate safety for the crews, employees and customers. There are many in dependent company such as Lloyd's register that provide this service in an endeavor to help seaports meet and implement the standards required of them to maintain a favorable environment conducive to human life. Therefore physical assets are protected as well as maintained by ensuring that standards and policies are followed and continuously evaluated to guarantee that they meet the standards and policies set forth by government agencies.
Seaports must deal with potential threats daily due to their easy access and vulnerability. The advent of seaports dealing with ongoing threat efficiently is more likely with a substantial well thought of risk management plan. ...
Thus seaports have to use this to determine the level of risk management required. Costs can be a factor, however the cost of implementing a risk management plan is far trivial to the benefits that can be derived from it. Risk assessments will help a seaport determine if they are areas in which they can improve, and possibly provide training to make employees aware of any changes in procedures that may have been made as a result of the analysis derived from the assessments.
Risks have varying consequences, and this is potentially important to seaports. Accidents can pose severe threats not only to the vessels, crews, and cargoes but also the public, environment, property, and local and regional economies (National Research Council Staff, 169). Accidents can be caused by human error or technical malfunctions; this ultimately puts individuals in contact with seaports on a day to day basis at risk. In the past there have been incidents that have prompted agencies to re-evaluate their procedures and measures taken to ensure the safety and protection of physical assets. A prime example of this would be the Exxon Valdez spilling that occurred on March 24, 1989. It was an environmental horror that occurred at sea and affected both wildlife and plants. Its departure area was Alaska at the Valdez oil terminal and bound for California. The main cause of this incident was attributed to human error brought on by exhaustion as well as insufficient traffic system. The movement of hazardous or dangerous cargoes is not reviewed until a major marine accident occurs (National Research Council Staff, 169). This applies to the Exxon Valdez disaster, had proper measures and procedures ...Download file to see next pagesRead More
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