Risk management key to shipping success

Michael Simms, of BDO, warns the shipping sector must focus on risk management to achieve continued success as the sector faces a growing threat to its security

Sound enterprise and business risk management are making an improved contribution to commercial success in the shipping sector, according to the latest annual Shipping Risk Survey by leading shipping adviser and accountant BDO. But the industry still needs to improve its risk management procedures in the face of a growing level of threat to its security. Respondents to the survey rated the extent to which enterprise and business risk management is contributing to the success of their organisation at an average 6.4 out of a possible maximum score of 10, compared to 5.9 in the 2018 survey. The survey was launched in 2015 with a rating of 6.9.