Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

Risk Management Practices in Sea Ports - Essay Example

Comments (0) Cite this document
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…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.7% of users find it useful
Risk Management Practices in Sea Ports
Read TextPreview

Extract of sample "Risk Management Practices in Sea Ports"

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
Cite this document
  • APA
  • MLA
(“Risk Management Practices in Sea Ports Essay Example | Topics and Well Written Essays - 3000 words”, n.d.)
Risk Management Practices in Sea Ports Essay Example | Topics and Well Written Essays - 3000 words. Retrieved from
(Risk Management Practices in Sea Ports Essay Example | Topics and Well Written Essays - 3000 Words)
Risk Management Practices in Sea Ports Essay Example | Topics and Well Written Essays - 3000 Words.
“Risk Management Practices in Sea Ports Essay Example | Topics and Well Written Essays - 3000 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Risk Management Practices in Sea Ports

Risk management practices at HSBC

...?Risk management practices at HSBC Managing risks is integral to the overall strategy of banks but banks fail to manage risks. Several recent incidents and events have led banks to recognize that they are exposed to significant risks apart from the traditional credit and market risks. Scholars identify a positive relationship between risk management practices, understanding risk, risk identification, risk assessment and analysis, risk monitoring and credit risk analysis. While many banks failed, HSBC is one of the leading banks that have been able to sustain the financial recession and still maintain profits. It would be of immense value to the financial sector and particularly to the banks in the emerging economies to investigate...
62 Pages(15500 words)Dissertation

Assessment of Risk Management Perceptions and Practices of Construction Contractors

.... Significance of the study This paper provides a brief assessment of how construction contractors in Saudi Arabia employ risk management perceptions and practices. The significance of the study brings to light the common practices of contractors in managing risks, and future problems and possible delays that may occur while construction is ongoing. The research will therefore seek to answer the following questions What risk management techniques are available to construction contractor in Saudi Arabia? What is the level of usage of these risk management techniques by the construction contractors? What is the importance of organizational risk management among construction companies in Saudi Arabia? What are the challenges faced...
6 Pages(1500 words)Dissertation

Management Practices

...? Systems and Operations Management practices at the Achiffa Organization Anglia Ruskin 30th November EXECUTIVE SUMMARY Achiffa organization is a company that manufactures potato based frozen food products.It was started by Gary Achiffa Sr. who started as a farmer before venturing into business. The organization has grown into a large company that supplies its products to various supermarkets, food chains and markets around the world. After the organization was formed, Tom Granham was made the manager but later after the founder’s retirement, he was moved to Operation Management Department as a Director. The general manager’s position was left under Gary’s son, Gary Jr. Currently; the management of the company is under four directors...
12 Pages(3000 words)Essay

Disaster related risk management practices in IHG

...?Where Are They Now? INTRODUCTION Risk is an inherent part of any business which creates certain negative impacts on the overall organizational performance. Thus, every organization must possess proper risk management plan so that it can deal with uncertain events such as natural disaster or terrorist attacks among others. Risk management in this context can be stated as an ongoing process which sustains throughout organizational life cycle. With these considerations, the essay discusses disaster risk management practices in an organization namely InterContinental Hotels Group (IHG) in Japan. Disaster usually follows natural threats and its severity depends on the level of impact on the organization. On the other hand, the level of impact...
4 Pages(1000 words)Essay

Risk Management Practices in the Fire Service

...Running Head: RISK MANAGEMENT AND FIREFIGHTER FATALITIES Risk Management Practices in the Fire Service and Firefighter Fatalities in the United States July 11, 2007 Risk Management Practices in the Fire Service and Firefighter Fatalities in the United States The Federal Emergency Management Agency (FEMA) document "Risk Management Practices in the Fire Service" is a comprehensive guide "that helps fire and emergency service providers understand the concepts that form the foundation of risk management principles and practices" (FEMA, 1996, p. i). Risk is defined as "the possibility of meeting danger or suffering harm or loss or exposure to harm or loss" (FEMA, 1996, p. 4). The manual describes risk identification, evaluation, probability...
2 Pages(500 words)Essay

Management of Ports Sale Blockade Fallout

...MEMORANDUM Condoleeza Rice, Secretary Department -----------------, Deputy Secretary Department RE: Management of Ports Sale Blockade Fallout by State Department Introduction With the likelihood of blocking of sale of P&O to Dubai Ports World (DPW) in US Senate; USA is going to face a crisis in terms of foreign policy. We are already facing a crisis of credibility in the Arab world and this move will likely add fuel to fire. In order to properly control the likely damage, I propose that State Department should take a three pronged strategy. First it should recommend the President to take a firm stance with veto threat to achieve possible problems for blockade and establishing of moral high grounds in our communications with Arab world...
4 Pages(1000 words)Case Study

Risk and Risk Management

...; and banks have integrated country risk assessment into their daily operations and use it as a tool for tasks such as strategic planning, marketing, and evaluation of the performance of their international portfolios. Therefore, a more appropriate term would be country risk management, a practice of which country risk assessment is but one element. LITERATURE REVIEW Defining country risk Country risk, for the international banker, is the potential for a loss of the assets a bank has loaned across borders in a foreign currency. A loss could be caused by a multitude of factors that renders a borrower unable to service or repay the loan as per the agreement. (Also at risk may be physical assets such as branch offices of multinational banks...
20 Pages(5000 words)Essay

Management Practices

... E-commerce or electronics commerce is one of the most popular form of trades these days that involves buying and selling of electronics gadgets and the latest gizmos over the internet and other computer networks. This form of trade has seen a huge upsurge in the recent years owing to the development of internet technology. There are a number of factors which have resulted in a drastic increase in the electronic trade which includes innovations in electronic fund transfers also called EFT, electronic data interchange , internet marketing, inventory management systems, online transaction processing, supply change management, and automated data collection systems. At Grandma’s Treats, there is a need to have a business model based...
4 Pages(1000 words)Essay

Ports in the Storm

...Ports in the Storm Bigger ships continue to dock great harbours of the world making costs per containers they carry fall by a significant amount. Thebiggest ship has a capacity that would require an 85 km train. Therefore, improvements on Lisbon harbour would go a long way in raising Europe’s economy. Lisbon harbour is in the country of Portugal in Europe. The strategically placed Portugal is in the major maritime trade routes of the world. The Asia-Europe shipping route touches its coast. In addition, its neighbouring country Spain is well within reach and Portugal can take advantage of its good roads for inland transportation. This is a great opportunity that can really open up Portugal and its neighbouring countries. European markets...
2 Pages(500 words)Essay

Risk Management / Organisational Risk

...Risk Management Organisational Risk Table of Contents Table of Contents 2 Introduction 3 Concept and Key Challenges of Organisational Risk 5 Contemporary Security Issues Faced by the Organisation and their Responses to Them 8 Asset Risks 9 Information Risks 10 Fraudulent Activities Concerning Threat 11 Management Strategies to Deal with Organisational Risk and Security Issues 12 Conclusion 16 References 18 Bibliography 21 Introduction 7-Eleven, Inc. can be recognised as one of the largest and leading global chain of convenience stores, which was established in the year 1927 in Dallas, Texas. Presently, this organisation can also be regarded as one of the major operators, which performs its global operations in over 40,000 locations across...
13 Pages(3250 words)Research Paper

Implementing Schedule of Time Management

...Running head: PHASE 5 INDIVIDUAL PROJECT PHASE 5: Individual Project Affiliation October 2008 How often have you heard it said that planning is waste of time? No sooner is the plan completed than someone comes along to change it. These same naysayers would also argue that the plan, once completed is disregarded and merely put on the shelf so the team can get down to doing some real work. To people management, we mean the planning activity that involves deciding on the types of people in form of resources that are required to fulfill the requirements of the project. In other words the types of skills and number of workers we need to complete the project (kwysocki, 1997). Whenever we talk about the methods involved in the project management...
6 Pages(1500 words)Coursework

Change Management

.... In this case, it is important for managers to familiarise themselves with what actually constitutes resistance to change so that they can address the underlying causes and how to reduce them. There are a number of reasons why persons may resist change within any one given organisation. First of all, some people may resist change because they do not understand the effects that may arise out those changes. This is usually the case when managers have not gone out of their way to explain these effects to the important stakeholders. Consequently, in order to avoid the risk that may arise out of that change, employees would rather resist it first. Managers can deal with this problem by clarifying out issues before hand. (Kirkman, 2000...
10 Pages(2500 words)Coursework

Diversity Management in Organisations

...Managing Diversity in Workforce Contents Introduction 2. Diversity Management: Challenges and Benefits 2 3. Managing Diversity 3 3 Significance of Involvement culture 3 3.2 Impact of Organizational Ethnicity on diversity 4 4. Best Practices to Manage Diversity 4 5. Conclusion 5 6. Bibliography 6 1. Introduction “Diversity” characterizes the massive amount of individual divergences that subsists amid persons. Workforce diversity is a gathering of the resemblances and discrepancies between workers in such sorts as “age, sexual category, cultural inheritance, physical capability and race.” (POLLITT, David, 2006) As of today, diversity in the place of work is widely acknowledged as an advantage that contributes to a business institution’s base...
6 Pages(1500 words)Case Study

The Relationship Between Security, Risk and Health in a Large Organisation

... & risk can interact with health & safety. In fact, measures related with health & safety in modern organizations can be regarded as part of the risk management policies developed within these organizations. As explained above, risk can be involved in all organizational practices; if appropriately controlled risk could lead to the limitation of damages caused within the organizational environment to which the health and safety of employees is directly related. On the other hand, both risk & security and health & safety are depended on specific factors: the firm’s mission, its culture, the resources available and the legal rules developed by the state. In other words, there is a dependency on common principles and factors – a community...
9 Pages(2250 words)Coursework

The Management, Leadership and Teamwork Competencies Required by a Small Business Owner

On the other hand organizational leadership is defined as the ability based on the specific skill of an individual to lead his/her subordinates in a manner that pre-planned organizational goals could be achieved within the defined time-frame.

According to Burns (1978) and Bass (1985), transformational leadership has a set of category constructs such as values, morals, farsightedness, long term goals, principles, acute awareness about the dividing line between causes and symptoms, mission statements, strategic perspectives, and human resources. Similarly, they identify a set of category constructs in the transactional leadership also. For instance concentration on the task at hand, short term goals and tactics, confusion co...
6 Pages(1500 words)Coursework

Information Security Management

Security is a group of activities that include the policies, measures, and actions which are utilized to stop unlawful access or alteration, theft, and physical damage to information or computer. Security can be supported by an assortment of techniques and tools to safeguard computer hardware, software communications networks, and data (Laudon & Laudon, 1999, p. 502). In the modern age of information technology, there are many threats happened for organizational information. We need a security model that has the ability to manage and secure our information reserves. Technical administrative safety /security measures like security plans, actions and techniques are the main practices for the organizational information security m...
10 Pages(2500 words)Research Paper

Comparison of Leading Womens Role in Portrait of Teresa and Salt of Sea

... Number] Comparison of leading Women’s role in Portrait of Teresa and Salt of Sea Every society has different values,traditions and perceptions regarding the role of women that fit within their historical, cultural and social contexts. The cinema being an important cultural institution and reflector of social values tends to depict the role of women in movies to refer their current status as well as to motivate them playing a non traditional role for some specified purposes. In the movies “Portrait of Teresa” and “Salt of the earth” also, the directors Pastor Vega and Herbert Biberman have presented the roles of women in quite encouraging manner to show the women’s potential of playing a revolutionary and defining role in setting up trends...
7 Pages(1750 words)Case Study

People, Organisations and Management

Organizations and their management styles have evolved to a great extent in the service and manufacturing industry over the last century, and so have been the concepts of management and its functions. These evolutions can be traced to significant developments brought about by the industrial revolution, scientific management principles such as Taylorism and Fordism, transition of feudalistic to capitalistic approach and others in different sectors of manufacturing industries. However, the beginning of the industrial revolution was characterized by a rigid hierarchical bureaucratic way of organizing business enterprises, a style prevalent even today but only in military service organizations. Nevertheless, the manufacturing and busi...
8 Pages(2000 words)Assignment

Self Assessment: Conflict Management Style

...Please indicate Self Assessment: Conflict Management Style The assessment on conflict management that I took suggests that I am the type of person who tends to cooperate and work with people to achieve a desirable outcome. It suggests that when I am faced with a conflicting situation, although I listen and consider other viewpoints included in the discussion, I carefully evaluate and analyse every detail in accordance to my own. It depicts that I welcome other ideas or arguments but not easily swayed by them for I tend to make my point be heard and accepted as well, creating a really interesting discussion that in turn promotes a win-win situation. Furthermore, the assessment also indicated that second to collaborating attitude, I also...
7 Pages(1750 words)Essay

Management Theory and Practice in the Early Childhood Education Industry

...Management Theory and Practice in the early childhood education industry This Report applies management theory into practice in the early childhood industry, especially in the context of women leaders. Management issues play a significant role in the academic sector, because early childhood professionals need higher levels of motivation in order to avoid burnout . As pointed out in a study by Osgood and Halsall (2007) where they carried out research to examine the position of women in leadership or management positions, a “glass ceiling” exists for women in the academic setting, which could significantly impair motivation. Since many of the individuals employed in the early education sector are women, addressing this issue is even more...
6 Pages(1500 words)Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Risk Management Practices in Sea Ports for FREE!

Contact Us