Loss Prevention and Loss Mitigation

Loss Prevention and loss mitigation are activities, which are deeply rooted within mankind since the beginning of times. The risk environment in the 21st century is however more complex and involves many different skills. Codan can guide you through some of the activities that can help you prevent losses and detect risks.

 

The Process

A Loss Prevention process shall be based on formal risk assessments where potential hazards are systematically identified within the Safety Management system. The task to work through identification of risks and to evaluate safety measures is abstract.

Once the assessment is finalised and the result introduced into the safety management system, it shall be continuously updated and adjusted. The input can be derived from various sources, onboard observations, results from officer meetings etc. One of the formal parts where Codan Marine takes a part is incident investigation and analysis resulting in lessons learned.

 

"... each unwanted event leading to an incident can be prevented, detected and controlled."

The basic thinking behind this is the thesis that each unwanted event leading to an incident can be prevented, detected and controlled. Following the same thesis, the unwanted events following each incident can also be detected, controlled and mitigated.

Please contact your local Codan Marine office to learn how we can help manage your risk environment.