How to Develop a Comprehensive Risk Management Plan for Shipping Companies 

Maritime risk management is crucial for everyone’s safety, regardless of vessel or company size.
There are many risks to face, from weather and natural disasters, to navigation hazards, to piracy and security; plus the increasing need to comply with strict environmental regulations. You need to undertake increasing development of your shipping safety strategies and risk management plans – today. HiLo can help you. 

The importance of risk management plans for shipping companies 

The development of safety strategies is critical for shipping companies. Without robust maritime risk management plans, you put your people, profits and the planet in danger. 

A robust shipping risk management plan prioritises crew safety by minimising accidents and injuries through preventative measures and emergency procedures. It also safeguards valuable vessels, cargo, and infrastructure from damage or loss due to various threats. By preventing accidents, delays, and disruptions, companies save money on repairs, replacements, and legal liabilities. 

Minimising your environmental impact is increasingly important from financial, regulatory and reputational perspectives, and proactive marine risk management plans help prevent pollution incidents. 

In short, the development of a secure risk management plan is a critical investment in the future of a shipping company. It fosters a culture of safety, improves efficiency, and allows companies to navigate the ever-changing maritime landscape with greater resilience and confidence. 

Financial benefits from the development of shipping safety strategies 

Maritime risk management plans aren’t just about saving money – they also improve your bottom line.  

Risk management plans streamline operations by identifying and addressing potential bottlenecks that could cause delays. By anticipating and preparing for disruptions, companies can ensure smoother recovery from unforeseen events and continue to meet and surpass their targets. 

A strong risk management plan also demonstrates a company’s commitment to safety, reliability, and responsible practices, attracting investors and partners. By focusing on safety strategies and responsible operations, you will increase trust with customers and stakeholders, leading to an ever-improving, positive brand image. 

Development of maritime safety strategies 

Critical areas to consider when developing a shipping safety strategy are: 

• Utilising data analysis of accident reports and near misses to identify trends and target areas for improvement. 

• Focusing on proactive measures to mitigate identified risks rather than solely reacting to incidents. 

• Leveraging advancements in navigation, communication, and other technologies to enhance safety and efficiency. 

• Recognising the importance of crew training, fatigue management, and effective communication in preventing accidents. 

• Ensuring strategies are regularly reviewed and updated to adapt to emerging threats and industry best practices. 

• Anticipating future risks arising from climate change, technological advancements, and geopolitical shifts, so you can develop strategies that are adaptable and resilient. 

At HiLo, we can ensure you cover all these areas about all of these – and more. We can move your maritime safety strategies beyond basic compliance to become proactive, data-driven and future-oriented.  

Development of risk management plans for shipping companies 

HiLo goes beyond traditional methods to truly understand your unique operations and potential hazards.  

Our tools, experts and experience can analyse your data, risk assessments, and processes, discovering exactly where your biggest risks are – both now and in the future – and how to solve them. We offer a personalised risk management plan, with targeted data analytics, highlighting specifically where improvements can have the greatest safety effects.  

HiLo automatically collects and standardises your data to paint a crystal-clear picture of your operations. We can then use this info in our world-leading statistical models, which predict risks with over 98% accuracy, and are peer-reviewed by Imperial College London.  

HiLo’s ground-breaking analyses can help you discover, for the first time, what small issues are the initial, intricate causes of maritime accidents. These ‘leading indicators’ can often seem insignificant on their own, and could previously have been overlooked. Our risk profiling shows the true picture hiding behind the numbers.  

Furthermore PinPoint, HiLo’s risk profiler tool, doesn’t just tell you what’s wrong – it explains how to fix these issues, with clear, actionable steps tailored to your fleet. Our data analytics guide you towards proactive measures that can stop incidents in their tracks before they ever become headlines. 

Other HiLo tools to help your development of shipping safety strategies and risk management plans are: 

• Juniper – a central data platform for companies with multiple data collection systems. It digitalises and streamlines data collection and empowers you with analytics from your central data source.  

• Zenith – gap analysis and digitalisation tools which can raise your self-assessment performance by up 48%.   

• Pulse – identifies what is driving your crew’s human errors, based on your existing data pool. Understand your crew’s vulnerabilities, target interventions, and navigate with confidence. Use Pulse for smoother, safer voyages.   

• HiLopedia, which further analyses all safety-related data to develop your understanding of issues and trends behind fleet incidents.  

Enhancing your maritime safety strategies with a risk management plan  

Armed with HiLo’s step-by-step guide for fixing your ‘leading indicators’, and the priority order they need to be resolved, you can develop a detailed implementation plan. This includes 

• Assigning responsibilities, timelines, and resource allocation. 
• Establishing a system for monitoring the effectiveness of your risk management plan. 
• Regularly reviewing incident reports, near misses, and industry trends. 
• Conducting periodic risk assessments to identify any new or changing risks. 
• Continuously improving your risk management plan based on experience and lessons learned. 
  

By fostering a proactive risk management culture and using HiLo’s tools, experts and experience, shipping companies can significantly improve operational safety, environmental protection, and financial stability. 

The benefits of HiLo’s shipping risk management plans 

Our solutions empower shipping companies by:  

• Offering access to risk management specialists and big data insights 

• Enabling, informed choices based on real-world data, not just experience, for better safety and efficiency.  

• Providing cost-effective, scalable solutions that fit your needs and budget  

The economic benefits for HiLo customers are very clear. They have saved a total of over $130 million in the past year, by reducing injuries by 2,000 year-on-year and preventing over 2,000 incidents across the fleet.   

Try HiLo’s shipping safety strategies and risk management plans

Get in touch with us today to see how HiLo can help you deliver safety strategies and maritime risk management plans to protect your vessels, crews and the environment – and deliver cost savings to your bottom line.