International Maritime Risk Rating Agency - Risk Rating Components
IMRRA's mission is to quantify and control vessel risks in the current market place. Our aim is assist the maritime sector in reducing risks, uniquely adding the role of the vessel operators (and ship managers) to the static, dynamic and risk variables associated with tanker safety.
The information available in our database is on all vessels currently operating globally in the oil shipping industry. The IMRRA database compares information on vessels to calculate the overall score of the vessel's risk.
Where do we get our data?
IMRRA source data from both open source information in the public domain, and high value subscription based services.
IMRRA's own commercial intelligence network, supplemented by:
- Casualty and Incident history
- Class Society performance
- Flag State Performance
- High value subscriptions to vessel particulars
- Operators self test audit inspections – cross referenced by IMRRA analysts
- Open source public domain information
- Port Administrations & Terminals
- PSC inspection history
All the data is aggregated, compiled, and then assessed against the IMRRA Risk Criticality Index.
The following key risk factors are identified, assessed, given a numerical weighting:
Statistical Risk Factors:
Vessel criteria that does not significantly vary over time, and are associated with long-term vessel risks.
i.e. factors not affected by business environment. Show more Show less
- Dynamic Risk Factors that rise from changes in their frequency or severity. Not just a desktop survey. Show more Show less
- Verified Risk Factors: IMRRA's forecasting and prediction tool. Show more Show less
Static risk factors are based on the following example information:
Casualty History & Incidents
Classification Society Performance
Company Operator Performance
Insurance claim history
Static risk factors tend to be associated with long-term risks that remain constant over time, are not significantly affected by the business environment, and can be managed through the application of a statistical trend factor.
Dynamic risk factors are derived from variable information such as:
Port State Control & US Coast Guard
Safety inspections & reports from industry databases
Self test audit reports
The ever-increasing importance of these dynamic risks, as they relate to the risk management process, are recognized, and the distinctive demands these risks place on an organization are assessed.
Analysis of collected data indicates improvement, or decline, in vessel operation and management. The 'Human factor' when assessing risk.
Verified RA information
Vessel Operator Verification audits
Regression Analysis is a statistical process for estimating the relationship among variables, and is an established technique widely used for forecasting and prediction.