engleski

Risk management methods and control as the cost cutting function in shipping industry

In real management of shipping companies, the managers often use various models to select tracing control and methods for risk management which are inevitable in maritime activities. Due to tracing such data it is easily to analyze the risks that are present in maritime markets. Therefore, modern business imposes indispensability of acknowledging the risk factor and there is no business activity that is not under the influence of risk. Thus, the obligation of business people is to take care of that and to learn how to manage the risk. Research work on the risk problem area in shipping industry is a subject of interest for many scientists and experts. However, a single systematic approach to the problem is missing. Our economic organizations usually do not have the right methodology by which risk of running business is estimated, nor do they have manager approach to the problem of its management. Only banking, where management developed very good methods of risk measuring, and which manages risk very successfully, can be excluded from that assessment. Risk management is not a new discipline. However, shipping agencies have to broaden their understanding of the risk management, to understand that risk can also be a business initiator. When a risk is managed strategically, the organization can balance its exposure to the risk and have more security in accepting risks, which are necessary for creating new products, services, business models and new ways of competing on the world market. The project and its risks are directly connected with project aims: the more ready shipping company is to take over the risks in the project, the more business benefit will they have. On the other hand, a shipping company which plays safe will lower its possible benefits. The risk should not be afraid of because most of them can be managed.

Risk management; risk in shipping industry; project; decision-making; qualitative methods; portfolio

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