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Risk Management – The Future: Café-style
The UK Club’s Asia team set out to answer the question “What is the Club doing to help Members reduce claims and premium?”
Nearly forty UK Club Members and brokers met at the Encounter Café in Taipei to hear a number of presentations from a combined team of London and Hong Kong based executives on this important issue.
The audience were presented with an in-depth analysis of the Club’s large claims and an insight of the various risks involved. More importantly, they were guided on out how to systematically control the risks that cause the most expensive incidents.
Although the Club continues to develop its extensive library of materials and resources for Members on how to avoid claims, Loss Prevention Director Karl Lumbers explained that a more strategic and co-operative approach was essential.
His presentation introduced the Club’s “Bowtie” loss prevention programme to the audience with the Club’s latest video - "No Room for Risk".
Access to an incomparable amount of claims data drawn from extensive analysis of previous incidents over more than 20 years has enabled the Club to identify ‘threats’, ‘consequences’ and ‘controls’ for a wide range of ship types.
These three perspectives on incidents are the foundation of developing Bow Tie reports on individual vessels, named because of the butterfly shaped diagrams that to depict the threats and consequences hazards prepared for each ship as a tool for managing risks.
When it comes to applying the Bow Tie concept to ships, the UK Club has identified seven primary risk hazards; 76 common threats, which if not contained could cause an incident; and 450 controls which need to be in place and effective if the threats are to be contained.