Risk Identification and Management Quiz

Risk Identification Guidance (RIG) for Risk Management in the ISM Code

• The ISM Code includes a requirement for risk management that supports the entire Code.
• Risk management involves a systematic review of operations, identifying potential issues, and implementing controls and safeguards.
• The company should document policies and procedures for risk management, define responsibilities and authorities, and provide training and guidance.
• Risk assessments should be carried out and records maintained.
• The company must ensure that all related risks have been identified.
• Risk management is an integral part of the Safety Management System.
• The objective of risk management is to prevent accidents, injuries, and damage to the environment.
• Risk management helps the company comply with legal and regulatory requirements.
• Risk assessments should consider the likelihood and consequences of potential risks.
• Risk management should be proactive and ongoing, not just reactive to incidents.
• Risk management should be integrated into the company's decision-making processes.
• Risk management helps improve safety performance and reduce operational disruptions.