Main Elements of the Risk Management System

The following section describes the main elements of the risk management system. It is based on the study of some of the world s best risk management practices, frameworks and techniques in shipping and other industries, sectors and 

Researchers in the field (e g., Erkut 1996 Frewer 2004 Nicolet and Gheorghe 1996 Saccomaimo and Cassidy 1993 Weigkricht and Fedra 1993). 

The following sections describe in some detail the key elements of the Risk Management System. Each of the three phases is discussed in turn, starting with 

Risk analysis is the process in which risks are examined at various degrees of detail to determine the extent of the risks, how risk elements are related to each other, and which ones are the most important to deal with. This may not necessarily involve any consideration of the significance of the estimated risks (DNV 1996). The main stages of the risk analysis are (1) preparations for analysis, (2) risk analysis process and (3) conclusions and recommendations. These main stages consist of a number of steps and sub-steps or tasks, which are identified and further developed for ready application in the risk analysis of the maritime transport of PDG based on combination of the literature study (DETRA 1999 DNV 1995 HSE 1991, 1999, 2001 lEC 1995 IMO 1997, 2004, 2006 ISO 1999 OECD 2000, 2001 USCG 2001 Weigkricht and Fedra 1993) and the author s research experiences (Mullai and Paulsson 2002 Mullai 2004, 2006, 2007). 

Prior to answering the triplet questions, a number of important activities are carried out in preparation for the risk analysis, including the following key steps  

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