Management

STRATEGIC RISK MANAGEMENT IN PORTS

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Risk management has evolved from risk transfer or risk avoidance to one of pro-actively managing risk to create higher value. This approach sees risks as opportunities rather than threats. Good risk management is about enabling organisations take more and better informed risks. The emphasis today is shifting from management of financial and operational risks to management of strategic and reputation risks. The latter have much greater impact on the success or failure of an enterprise and the value that can be created for the stakeholders. Yet, the concept of risk management in ports continues to be overwhelmingly associated with operational risks such as security. This paper makes the case for due consideration to be given to major strategic risks that ports face, including those linked to global economic trends, political instability, change in vessel sizes and competition from existing and new ports. This would involve drawing up of a risk portfolio, with clear actions to build adequate safeguards that will help in bringing the risks to acceptable levels. The paper also refers to the clear linkage that needs to be established between the safeguard actions identified and the business planning process to ensure that the safeguard actions get the priority they deserve.

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1-12

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English

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STRATEGIC RISK MANAGEMENT IN PORTS

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