Risk management is still not widely practiced in the shipping industry, according to Sanjeev Bhandari of Mumbai-based P&I Club representative, Crowe Boda. Speaking at the Shipping: Changes & Challenges seminar in Chennai, India, on February 22, Bhandari said that not only should companies ensure they have effective risk management tools in place, they must also involve all levels of staff in the risk management process. "Risk management must not remain the concern of top management alone. Staff at all levels should be encouraged to look for areas of vulnerability in both the company and its ships," said Bhandari. management should mean a reduction in costs whether it is the replacement or repair of property, compensation to an injured person or the settlement of liabilities.
