ABSTRACT
Since the first edition of this book, it is pleasing to witness that many shipping companies have been implementing risk management systems in relation to operational and regulatory safety. There have been pressures upon shipping companies – not only from regulators but also commercial partners and insurers – to show that there is a proper implementation of the ISM Code, and that risk analysis and evaluation is systematically practised. Further safety and quality systems and industry best standards have been implemented (see Chapter 8) in line with the risk management thinking of the 21st century. Lawyers also are now advising their clients about risk management, which, on the face of it seems hardly to be in their best interests, as the more risk management is seriously implemented by companies, the less accidents will occur and, hence, less work might be the result for lawyers. It is interesting to recall that, when the first edition of this book was reviewed by an academic, he questioned the purpose of including a risk management overview chapter in this book. However, many readers of this book, commercial and legal practitioners as well as students, have appreciated its value. One cannot divorce the law, particularly maritime law, from the broader picture of risk management. The management of risk is central to shipping.
