Development of Risk Management Model in Maritime Industry

Sea transportation is a sector that is closely related to the livelihoods of many people, where sea transportation has a vital role in its relationship with other sectors in improving the welfare of the community. Besides that, the sea transportation sector plays a vital role as a means for the development of the maritime industry in meeting basic needs, namely accessibility for an irreplaceable society. The maritime industry engaged in the shipping industry is a regulatory intensive industry. Business activities The maritime industry involves many stakeholders including flag states, ship owners, ship operators, coastal states, cargo owners, shipyards, shipyards and ship crew. Apart from being solid, this regulation is dynamic, vulnerable to change in order to answer and adjust the times and demands of society. The purpose of this paper is to develop a risk management model in managing the maritime industry. Changes to maritime regulations discussed are changes in regulations sourced from mandatory IMOs on major international conventions including SOLAS on ship safety, MARPOL with regard to the environment and STCW with regard to ship crews. Risk assessment is conducted to determine the level of risk and mitigate risks from regulatory changes.