Risk Management System - Risk Assessment Frameworks and Techniques

Understanding the risk management system is very important in studying and managing risks. In this report, attempts have been made to provide “state-of-the-art” knowledge and contribute to enhancing understanding in the field of risk management and methodology. Numerous risk assessment frameworks and risk analysis techniques, and some of the world’s best practices employed in shipping and other industries and sectors, have been explored. The literature study showed that there are many different frameworks and techniques to choose from. In this report, merits and limitations of risk analysis techniques and factors affecting their choices have been explored. The content of this report will assist risk analysts, risk managers and other experts in the field to make more informed choices and decisions.