Note that a more hazardous cargo does not make the ship more likely to run aground, but the risks associated with its grounding are greater. Generally, the risk increases as a function of the severity of the consequences and the probability of occurrence. The concept of increasing risk as a function of increasing consequences and probability is illustrated in Figure 1. There are several tools available to provide guidance and structure for the risk assessment process. Information on these is provided in the Risk Based Decision-Making Guidelines section of this website.
Risk assessment is only one aspect of the risk issue.
The greatest concern is the proper control of the risks once they are assessed. The process of accounting for and addressing risks is called Risk Management. In the simple example, taking an umbrella to keep the rain off is one form of risk management. Another method might be to set a rain date or reschedule your picnic. However, in the marine safety world, umbrellas offer little protection from the hazards and risks faced.