Risk management as a shipping companies tool for safe management of sea-going vessels

Purpose: reasons for writing the paper is to present, the optimal procedure to manage of risk and Risk Assessment procedures in shipping companies and on-board sea going vessels. Design/methodology/approach: an analysis of various shipping companies approaches to management of risk and requirements and methodology to perform Risk Assessment. Findings: found that approach to Risk Management and requirements to perform Risk Assessment are varied between shipping companies. Research limitations/implications: management of risk based on Risk Assessment to be simplify and unified. Practical implications: suggestion is given to unify procedures for Risk Assessment. Social implications: reduction of risk to happen undesired events and mitigations of hazards associated with day to day operation of sea-going vessels. Originality/value: recommendation to shipping companies for modification of Risk Assessments procedures where is necessary to improve safety on board.