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Saturday, January 20, 2018

Risk Management News

New CEO, Co-CEO to Lead MHI Vestas Offshore Wind

Photo: Vestas Wind Systems A/S

Mitsubishi Heavy Industries (MHI) and Vestas Wind Systems (Vestas) have appointed Philippe Kavafyan to Chief Executive Officer (CEO) and Lars Bondo Krogsgaard to Co-Chief Executive Officer (Co-CEO) of MHI Vestas Offshore Wind. The appointments will take effect on 1 April, 2018, and are made in accordance with the joint venture agreement's principle of changing its leadership every four years. Under the leadership of out-going CEO Jens Tommerup and Co-CEO Tetsushi Mizuno, MHI Vestas Offshore Wind has established itself as a leading player in offshore…

Moore Stephens Survey Reveals Inconsistencies in Risk Management Application

95% of insurers who responded to a recent risk management survey conducted by leading insurance accountant and consultant Moore Stephens said they identified regulatory risk as the single biggest challenge facing them over the next two years - ahead of operational and financial risk. And 93% of responses from brokers placed regulatory risk at the top of the two-year agenda, ahead of strategic and financial risk. The Moore Stephens risk management survey showed that most firms were aware of the risk management requirements demanded by the regulators relative to their own businesses. Only 6% of respondents considered that they were not as informed as they should be about the requirements.

DNV Launches Risk Management Software

Structured and analytical risk management have direct effects on a company’s ability to build a competitive advantage. To support organizations with one complete solution for managing operational, project and enterprise risk DNV Software has now incorporated the risk management tool EasyRisk Manager with the Synergi Life risk and QHSE-management solution. It provides a real time snapshot of a company’s risk picture. The focus of organizations on risk management has increased due to extended governmental requirements, increased demands for transparency and sustainability and compliance towards standards. As structured and analytical risk management has direct effects both on profit…

New Risk Management Software from DNV

DNV Software incorporates risk management tool EasyRisk Manager with the Synergi Life risk & QHSE-management solution. DNV Software explains that structured and analytical risk management has direct effects on a company’s ability to build a competitive advantage. In order to support organisations with one complete solution for managing operational, project and enterprise risk DNV Software has now incorporated the risk management tool EasyRisk Manager with the Synergi Life risk and QHSE-management solution. It provides a real time snapshot of a company’s risk picture.

DNV Software Launches Risk Management Solution

Structured and analytical risk management has direct effects on a company’s ability to build a competitive advantage. To support organizations with one complete solution for managing operational, project and enterprise risk DNV Software has now incorporated the risk management tool EasyRisk Manager with the Synergi Life risk and QHSE-management solution. It provides a real time snapshot of a company’s risk picture. The focus of organizations on risk management has increased due to extended governmental requirements…

Fraud at OW Bunker's Subsidiary

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The senior management of OW Bunker has today been informed about a fraud committed by senior employees in the Singapore-based subsidiary Dynamic Oil Trading (DOT). The case is under investigation. The extent of the fraud is not yet clear, but preliminary findings suggest a potential loss of around USD 125 million. Isolated from the above, a review of OW Bunker's risk management contracts has revealed a significant risk management loss in addition to the loss of USD 24.5 million announced on October 23, 2014 (Company Announcement 23/2014).

Crowley’s Menard Promoted to VP of Risk Management

William Pennella, vice chairman and executive vice president of Crowley Maritime Corporation, announced today that Dwight Menard has been promoted to vice president of risk management effective Dec. Menard will be responsible for the company’s global insurance program; management of Beacon Insurance Company, Ltd; supporting the risk management and insurance requirements of Crowley’s four business lines; allocation of insurance cost and administration/management of the claim, insurance and contract review/approval processes. Menard will remain domiciled in Jacksonville and report to Pennella. Menard’s promotion is the final step in the two-year effort to consolidate Crowley’s risk management functions in Jacksonville…

Ridge Teams Up with iJET for Security Training

Tom Ridge, President and CEO of Ridge Global

Ridge Global, an international provider of security and risk management services, and iJET University, a provider of risk management training curricula and solutions, announced that the two companies will collaborate to offer instructor-led training for executives and decision makers with security responsibility. Specifically, iJET University will offer Ridge Global’s flagship corporate security and resiliency training courses to its broad base of international clients and members.

ABS Advisory Solutions Integrate ERM

John Duncan, Vice President; Government, ABS Group of Companies. Photo ABS

ABS Group anticipated the update to Circular A-123 from the United States (US) Office of Management and Budget (OMB) requiring US executive departments and agencies to adopt enterprise risk management (ERM), and has expanded its suite of ERM advisory solutions aimed at risk-informed decision making and mitigation strategies. To help organizations comply with the new guidance and manage their risk exposure, ABS Group provides a suite of advisory resources and proprietary risk management tools through the Company's safety, risk and compliance services business unit.

KPI Bridge Oil appoints Risk Management Chief

Christel McLoughlin

KPI Bridge Oil, a global bunker broker and trader has appointed Mrs. Christel McLoughlin as Director of Risk Management products. Christel will be based at KPI Bridge Oil’s Headquarter in London. Christel McLoughlin who is a French national, has more than 15 years experience in the oil and shipping industries within risk management and trading and is fluent in English, French, Swedish, Norwegian as well as having working knowledge of German, Russian and Danish. Christel holds…

Tse Heads Risk Management, BMT Asia Pacific

Joanne Tse

BMT Asia Pacific, a subsidiary of BMT Group has appointed Joanne Tse as Head of Risk Management based in Hong Kong. The new appointment will help support the regional growth of risk consultancy services - principally in the transportation and construction sectors. Joanne will be actively involved in developing and managing risk projects for our growing client base. She brings more than 15 years of experience in the rail industry specialising in risk assessment and management, safety assurance, and corporate/enterprise risk management.

Lloyd's Register Names New Global Business Manger

Lloyd's Register has appointed Dr Paul Davies as Global Business Manager for Risk Management Services. His role is to lead the growth of risk management services across all sectors and to coordinate the activities of all Lloyd's Register's risk management centers of excellence. Paul joins Lloyd's Register from Vectra Group, where he was Business Development Manager. Previously he was a partner in ERM the environmental management consultancy, where he led the process risk team and directed the development of risk software for the UK HSE. He has also held senior positions at DNV and Four Elements, and is qualified with a PhD in Quantitative Risk Assessment.

Calls for Shipping Industry to Focus on Risk Management

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.

Shale Gas Verification Service Launched by DNV GL

Elisabeth Torstad: Photo courtesy of DNV GL

DNV GL, an independent foundation with the purpose of safeguarding life, property and the environment, informs it has launched a comprehensive, tailor-made independent verification service based on the provisions of its Recommended Practice for Risk Management of Shale Gas Developments and Operations (RP), regulatory requirements and other publicly available standards. "As shale gas and liquids development are experiencing exponential growth in North America, a wide range of operational risks have been realized…

ABS to Host Offshore Wind Seminar

ABS Group will host an Offshore Wind Farm Projects Seminar on October 8 at ABS House, 1 Frying Pan Ally in London. ABS Group advisors who are involved in solving technical issues in offshore projects will share their experience regarding issues throughout the entire life cycle of a project. Participants will have the opportunity to discuss industry wide technical issues, particularly in structural engineering, asset integrity management and risk management with ABS Group experts during the interactive sessions. Workshops will address safety engineering, risk management, quality engineering and technical specifications and the seminar will include discussions of the following topics: status overview of European offshore market…

Failure to Manage Risk Posing Larger Threat to Shipping

Levels of sound enterprise and business risk management are currently satisfactory in the shipping industry, a new survey from Moore Stephens has revealed. But the international accountant and shipping adviser warns that companies that fail to embed effective risk management procedures into their daily activities are likely to pay a high price in today’s tightly regulated and highly competitive industry. The inaugural Moore Stephens Shipping Risk Survey, which will be updated annually, sought to gauge how effectively enterprise and business risks are being managed in the shipping industry, and to analyze how key risks are being handled by companies.

PMA Among First to Use PurpleTrac

PurpleTrac

The Panama Maritime Authority (PMA) has become the first port state to use Pole Star’s PurpleTRAC sanctions compliance and risk management service as part of its wider port risk management strategy and as a precaution against the outbreak of Ebola. As part of the PMA’s risk management strategy, all ships intending to enter a Panamanian port are required to post arrival data via their agent into the PMA’s system. In an enhancement to that process, the PMA will use PurpleTRAC to…

FMG, Hawkes Enter Energy Partnership

From left to right: Dr Sultan FMG,  Alan Kennedy Bolam IRHC, Darrin Hawkes, Hawkes Associates

First Medical Group and Hawkes Associates Limited  announced a strategic partnership to deliver a range of risk management and training services to energy and construction industries in Libya and globally. Based in Aberdeen Hawkes Associates Limited have provided risk management services to global energy organizations for over 10 years and are particularly known for their health risk management activities. First Medical Group, (FMG) specialize in hostile environment and remote healthcare, and offer a range of occupational health and clinical services.

Cost Benefit Study for Oil Spill Prevention

The USCG has issued its Regulatory Assessment: Use of Tugs to Protect Against Oil Spills in the Puget Sound Area. The assessment focuses on the risk of underway accidents leading to large oil spills involving cargo oils from tankers and tank barges, and bunker fuels from commercial vessels of 300 gross tons or greater. The primary geographic focus of the study is the Strait of Juan de Fuca and coastal waters within a 60 nautical mile radius of the entrance to the Strait. Assess the impact of risk management alternatives on small business. Eight alternatives for preventing and mitigating oil spills in the study region were evaluated, including the Internation Tug of Opportunity System (ITOS)…

Petrobras to Appoint Director

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Petrobras’ Board of Directors approved at a meeting today (25 Nov.) the appointment of a director of Governance, Risk Management and Compliance, charged with ensuring process compliance and risk mitigation, including the risk of fraud and corruption, and therefore guaranteeing compliance with laws, norms, standards and regulations, including the rules of the Comissão de Valores Mobiliários (CVM - Brazilian Securities and Exchange Commission) and U.S. Securities and Exchange Commission (SEC).

Joint Venture Company: Marine Accident & Risk Consultants

Two leading companies have come together in a joint venture company, Marine Accident & Risk Consultants (MARC), to provide a comprehensive suite of marine safety management consultancy services. MARC brings together the capabilities of ConsultISM Ltd - an independent organization specializing in the management of marine safety and control of operational risk, and RTI Ltd - specializing in accident investigation and risk management in the marine, aviation and other high risk industries.

ABS to Address Offshore Wind Risk Management

ABS Consulting will present at the Offshore Wind Transport and Lift Workshop in London.on February 26. The presentation will focus on risks which may arise during installation and construction phases of offshore wind farm projects while looking into major practical solutions in challenging offshore wind construction environment. Jale Cairney, Business Development Director, Europe Renewable Energy at ABS Group will address the risk management concept and appropriate risk assessment strategies for offshore wind project specific transportation and lifting activities. Jale has experience in the wind energy industry including business development, project management, capital project evaluation, project finance, risk management and QHSE management.

Moore Stephens says Shipping Must Improve Risk Management

Simms Michael

Not enough companies in the shipping industry are following joined-up risk management procedures, according to international accountant and shipping adviser Moore Stephens. The second annual Moore Stephens Shipping Risk Survey revealed a fall, when compared to last year, in the overall level of satisfaction on the part of respondents that sound risk management had contributed to the success of their organisations. The involvement of senior management in managing risk at the highest level also declined against last year.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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