A risk appraisal system regarding the implementation of maritime regulations by a ship operator

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Karahalios, H ; Yang, Z ; Wang, J

The shipping industry operates in a regulatory framework, where the International Maritime Organization (IMO) is the leading regulatory body. The role of the IMO is to propose maritime regulations to its member states. The successful implementation of a maritime regulation depends on how many member states adopt it. However, many maritime regulations are not adequately implemented worldwide. As a result, ship operators have found themselves in an uncomfortable\ud position in developing their business. This paper proposes an extendable and applicable methodology involving a System of Hierarchical Scorecards (SHS) to measure the implementation cost and benefit analysis of a newly introduced or existing maritime regulation by ship operators. The regulators may use the results in evaluating newly introduced and/or existing regulations through taking into account the economical burden that will be generated to ship operators. In this paper, System of Hierarchical Scorecards (SHS) is extended to demonstrate its applicability on evaluating a stakeholder’s organisation with regard to his regulatory implementation performance\ud by the means of a case study.
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