Risk Management in Yacht and Marina Businesses
Expert-defined terms from the Certificate in Yacht and Marina Management course at London School of Planning and Management. Free to read, free to share, paired with a globally recognised certification pathway.
Acceptable Risk #
The level of risk that is deemed acceptable to an organization, taking into account the potential consequences and the benefits of the activity or decision. In yacht and marina businesses, acceptable risk may be determined through a risk assessment process that considers factors such as the likelihood and impact of potential hazards, the effectiveness of controls, and the organization's risk appetite.
Active Risk Management #
A proactive approach to managing risk that involves identifying, analyzing, and addressing risks before they can cause harm. This may include implementing controls to mitigate or eliminate risks, monitoring and reviewing risk assessments, and regularly updating risk management plans.
Asset #
Any item or resource that has value to an organization, such as property, equipment, or intellectual property. In yacht and marina businesses, assets may include yachts, marina facilities, and customer data.
Business Continuity Planning (BCP) #
A process for identifying and mitigating potential disruptions to an organization's operations. In yacht and marina businesses, BCP may involve developing contingency plans for emergencies such as hurricanes, fires, or equipment failures, and regularly testing and updating these plans.
Control #
A measure or action taken to manage or mitigate a risk. Controls may be preventative, detective, or corrective in nature, and may include physical barriers, policies and procedures, or training programs.
Enterprise Risk Management (ERM) #
A holistic approach to managing risk that considers all aspects of an organization, including strategic, operational, financial, and compliance risks. ERM involves identifying, assessing, and prioritizing risks, and developing strategies to manage these risks in a coordinated and integrated manner.
Hazard #
A potential source of harm or adverse effects. In yacht and marina businesses, hazards may include slippery surfaces, electrical equipment, or moving vehicles.
Incident #
An event or series of events that has the potential to cause harm or damage. In yacht and marina businesses, incidents may include accidents, spills, or security breaches.
Key Risk Indicator (KRI) #
A metric or measurement used to monitor and track the level of risk in an organization. KRIs may be used to identify trends or patterns in risk levels, and to trigger corrective actions when necessary.
Likelihood #
The probability or chance that a risk will occur. In yacht and marina businesses, likelihood may be determined through a risk assessment process that considers factors such as historical data, industry benchmarks, and expert judgment.
Marina #
A facility that provides docking, mooring, and other services for boats and yachts. Marinas may include a variety of amenities such as fuel docks, repair facilities, and restaurants.
Operational Risk #
The risk of loss or damage resulting from the normal operations of an organization. In yacht and marina businesses, operational risks may include equipment failures, human errors, or process breakdowns.
Risk #
The possibility of harm, loss, or damage. In yacht and marina businesses, risks may include physical hazards, financial risks, or reputational risks.
Risk Appetite #
The level of risk that an organization is willing to accept in pursuit of its objectives. Risk appetite may be influenced by factors such as the organization's financial resources, risk tolerance, and strategic goals.
Risk Assessment #
The process of identifying, analyzing, and evaluating risks. In yacht and marina businesses, risk assessments may involve identifying hazards, evaluating the likelihood and impact of potential incidents, and determining appropriate controls.
Risk Assessment Matrix #
A tool used to evaluate the level of risk associated with a particular hazard or activity. A risk assessment matrix typically includes factors such as likelihood and impact, and may be used to prioritize risks and determine appropriate controls.
Risk Identification #
The process of identifying potential risks. In yacht and marina businesses, risk identification may involve reviewing historical data, consulting with subject matter experts, and using tools such as brainstorming or SWOT analysis.
Risk Management #
The process of identifying, analyzing, and addressing risks. In yacht and marina businesses, risk management may involve implementing controls to mitigate or eliminate risks, monitoring and reviewing risk assessments, and regularly updating risk management plans.
Risk Mitigation #
The process of reducing or eliminating the impact of a risk. In yacht and marina businesses, risk mitigation may involve implementing controls such as physical barriers, policies and procedures, or training programs.
Risk Owner #
The individual or group responsible for managing a particular risk. In yacht and marina businesses, risk owners may include managers, supervisors, or employees.
Risk Register #
A document or database used to track and manage risks. A risk register may include information such as the risk description, likelihood, impact, controls, and status.
Risk Tolerance #
The level of risk that an organization is willing to tolerate. Risk tolerance may be influenced by factors such as the organization's financial resources, risk appetite, and strategic goals.
Risk Treatment #
The process of selecting and implementing controls to manage a risk. In yacht and marina businesses, risk treatment may involve a range of options such as avoiding, transferring, or accepting the risk.
Safety Management System (SMS) #
A systematic approach to managing safety in an organization. In yacht and marina businesses, SMS may involve developing policies and procedures, implementing controls, and regularly reviewing and updating the system to ensure continuous improvement.
Stakeholder #
Any individual or group that has an interest in or is affected by the activities of an organization. In yacht and marina businesses, stakeholders may include customers, employees, suppliers, regulators, and the local community.
Yacht #
A recreational boat that is typically used for pleasure or sport. Yachts may vary in size and amenities, and may be powered by sails, engines, or a combination of both.
Yacht Insurance #
A type of insurance that covers damage to or loss of a yacht. Yacht insurance may also provide liability coverage for accidents or injuries caused by the yacht or its occupants.
Yacht Management #
The process of operating, maintaining, and repairing a yacht. Yacht management may include services such as crew recruitment and training, financial management, and maintenance planning.
Yacht Marina #
A facility that provides docking, mooring, and other services specifically for yachts. Yacht marinas may offer a range of amenities such as fuel docks, repair facilities, and concierge services.