Managing Risk
1-365 The formal application of risk management has an increasing profile in ship management and operations. At one end of the scale, risk management is now required as part of health and safety procedures. Risk management also plays a central role in the Internation Safety Management Code, especially in the comtext of contingency planning. Shio managers and seafarers will also hear increasingly about Formal Safety Assessment (FSA). FSA is both a powerful and potentially confusing concept. It is powerful in so far as it can be used, as is tentatively accepted by IMO, to help identify where regulatory change will be most effective. It wil, hopefully, start to generated safety related legislation through risk management before accidents occur, rather than as a reaction to a serious maritime casualty.