Seatrek believes in the importance of risk management. There lies a need to identify and assess risks at every stage of the business. The risk team vets the counterparty and all available information is taken into account when evaluating risks associated with potential new accounts.
The shipping business is not only about owning ships and transporting cargo. A vital element is risk management. In business parlance, risk management has been described as the process(es) of identifying, assessing, and reviewing risks associated with any service or business. The risk management team at Seatrek is always on their toes to minutely identify all potential risks in respect to the organization, business, client and cargo.
Risk management is a form of resilience strategy, which involves a process to protect self and others associated in the business. Managing risks at Seatrek is through a process of Evaluation -Discussion-Analysis. Though the company management has laid down specifications and boundaries and parameters have been set; there is no one-size-fits-all solution.
Risks, depending upon their nature and severity may be managed in different ways – risk avoidance, risk retention, risk transfer, or in any combination of these. However, all of this is done within the pre-specified limits, with commercial and legal departments intrinsically involved in the process that protects all counterparts.
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