IMRRA identifies key three vessel safety and security risk factors: Static, Dynamic and Verified.
Each safety risk factor is classified and given a numerical weighting.
1. Statistical Risk Factors are vessel criteria that do not significantly vary over time and are associated with longer-term vessel safety performance.
2. Dynamic Risk Factors arise from safety risk events, their frequency, and severity.
3. Verified Risk Factors Physical inspections are recommended to be incorporated into the vessel's risk rating assessment. Verified high standards of vessel management and operation will improve the vessel’s safety risk rating. A decline or improvement in vessel management and operation over time will have an adverse effect on vessel ratings.
IMRRA investing in market leading Blockchain Technology - Protecting 20,000 vessel risk rating reports per annum.
During 2020 IMRRA took a revolutionary step, especially within the shipping industry, a classic late adopter of new technologies, by embarking on the development and implementation of Blockchain technology for its vessel safety risk rating assessment platform marinerating.com. Cyber security is an ever growing major cause of concern for the shipping industry. By embracing Blockchain, one the best tools available to prevent fraud and data theft, IMRRA is ensuring its vessel risk ratings will always be a trusted source for managing vessel risk.
How does Blockchain improve IMRRA’s Vessel Risk Ratings Cybersecurity?
IMRRA's analysts are always looking for improvement, or decline, in a vessel's operational performance over time. For example, analysing PSC inspection data to see if the observations or deficiencies have been rectified between inspections.
Blockchain technology ensures, via the date stamp on the data record, that the vessel data information cannot be lost, retrospectively corrupted, nor can be manipulated by third parties for financial gain to change the vessel risk rating. The technology is also resistant to outages, and ensures vessel data records are not disclosed to unauthorised individuals or entities.
IMRRA supplies over 20,000 risk rating reports per annum requested by its clients. This entails a significant amount of commercially sensitive data required to be researched for every vessel risk rating report. Blockchain benefits to the end user are increased security and corresponding transparency of the vessel's safety information. Ensuring its vessel risk ratings are accurate, consistent, reliable and safe.
IMRRA's Vessel Risk Assessment Methodology is based on a function of several variables reflecting the statistical data. IMRRA utilizes the method of regression analysis, that is the law of large numbers where "the average of a large number of independent measurements of a random quantity tends toward the theoretical average of that quantity", resulting increasing accuracy with data accumulated.
Risk assessment is an essential part of many general risk management systems. It is a process of quantitative & qualitative determination of risk magnitude. One part of the general risk assessment system is a 'risk rating'.
Risk rating (percent of risk) is a risk classification with quantitative & qualitative indicators, interpolated through comparing the static, dynamic and verified risk factors of a ship directly related to safety and security.
IMRRA implements the Fractal Theory to increase the reliability of forecasting risks and threats. Using the principle of fractal theory opens up new possibilities in modelling risk assessment processes. The key point is the self-development of the fractal, as a mathematical object, which is most consistent with the systemic nature of the processes occurring under conditions of nonlinear dynamics of the external and internal environments.
The method assumes that all the factors are equally important. However, the division of Risk Factors enables us to weigh and emphasize the factors that are more significant for risk assessment, and identify the key "driving" factors that are controlling the result.
The Risk Rating is a calculated number that results from a sum of four basic functions:
F1 = (a1*b1+a2*b2+...+an*bn)/(b1+...+bn) (weighted average on all key factors)
F2 = a1C1+..+anCn+C0 (correlation of key factors with other factors)
F3 = (a1b1a2b2...anbn)1/(b1+b2+...bn) (geometric mean used for verification of factors)
F4 = 1-(1-a1)(1-a2)(1-a3)...(1-an) (levels of confidence for dependent variables)
Where Ci form a vector equal to (XTX)-1XY, where X is the matrix formed by the input data for all data samplings, and the vector Y is formed from the corresponding results of data verification
IMRRA's risk ratings determines the likelihood of the ship is safe enough to continue working, or whether additional control measures are required to eliminate the risks.