Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings. These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters.

There are different types of risks that a firm might face and needs to overcome. Widely, risks can be classified into three types: Business Risk, Non-Business Risk, and Financial Risk.

Key risks areas associated with shipping industry

  • Freight tracking
  • Cargo capacity monitoring decides the cost
  • Communication
  • Contracts, documentation.
  • Data and information management
  • Technical, Geographic and Weather hazards
  • Transportation issues
  • Dispute in payments