Risk is like queering someone or something valued to an unknown or anticipated danger, harm, or loss. Even though there is no such universally accepted general definition of risk, but one commonly applied and authoritative resolution in most industrial contexts defines risk as “A combination of the probability, or frequency, of occurrence of a defined hazard and the magnitude of the consequences of the occurrence.” According to the International Maritime Organization (IMO), risk is the “combination of the frequency and the severity of the consequence”, thereby articulates two components of the likelihood of occurrence and the probability of severity of the (un)predictable consequences. “Safety management objectives of the company should establish safeguards against all identified risks” so has been stated in the paragraph 1.2.2.2 of the ISM Code (International Safety Management Code). However, this does not determine any particular approach to the risk management theory, and it is for the company itself to choose methods appropriate in accordance with its organizational structure, its ships and trades. The methods could vary accordingly but how ever more or less formal they are, they should be well organized and planned if assessment and responses are meant to be completed and act effectively.