Risk Management is a key practice for every kind of business. At Bainbridge, all risks are thoroughly put into consideration for every procedure the company is involved in.
Risk assessment at each step ensures that the job is secured and methodical, to work out with due shield in place for known and unidentified threats. It’s imperative to design the solutions to trim down the effect of problems.
Due care and timely coverage of risks allow us to be the best option to partner with or for us to enter new business as a stand-alone entity. Our risk management structure and resolutions covers :
The risks involved here include fluctuations in earnings, the costs, and the exchange rate. As a resolution strategy, we assure that we hedge 70 pct of our period tonnage against cargo bookings including COAs and bunkers FFAs.
FAILURE TO HONOR CONTRACTS BY CUSTOMERS
This is one of the major risk elements and we have internal risk control mechanisms to mitigate the same. These include Credit Profile check of our counterparts and also taking updates on Industry Check and Industry status forecast. We ensure that we get into business with people who have clean track records and alsoassess them if they are worth the risk by looking at their credit scores.
A business is success if people responsible for the job are contented and efficient. We consistently introduce trainings to update their skills. Also, we present them with annual accolades and appreciations.
WELLNESS, SAFETY AND THE ENVIRONMENT
Work environment should be healthy and safe for everybody. The safety measures are intact and in place to provide sound working space for our people. Our vessels have security measures to ensure impeccable services. We too promote the protection of the environment from pollution and strictly stick to the highest environmental standards.
We take care of this by ensuring that there is an effective liquidity level in place always, we have funds put aside for immediate purpose as easily as for the future.
CYBER SECURITY RISKS
With technological advancements come cyber risks. For this, we have a reliable IT support system in place that can handle any threat. The hardware, software and the system are constantly reviewed to insure they are secure.
3RD PARTY DEFAULTS AND SUITS
We are covered under a reputed IG group of P&I club for Defense and Liability covers which helps us in protecting from any 3rd party defaults and suits and also assist us in recovery of costs on default on counter parties including legal costs incurred.
Further, we also provide complimentary “Liability Insurance Cover” to all our uninsured Charterers free of cost.