Managing operational risks in container shipping: a new approach for the rising of information risk
Nguyen, S and Chen, SL and Du, Y, Managing operational risks in container shipping: a new approach for the rising of information risk, Marine Research, 1, (1) pp. 61-85. ISSN 2709-6629 (2021) [Refereed Article]
Emerging in parallel with digitalization and automation, information risk is becoming a significant issue with the continuity and effectiveness of container shipping operations. This study conducted a qualitative risk analysis on a database of thirty-two interviewees from container terminal operators, container shipping companies, and freight forwarders. Thematic analysis was applied to shed light on information operational risks (IORs), identifying the ten (10) most typical IORs in container shipping. The pervasiveness of IORs to other container shipping flows was ascertained by realizing their four primary consequences, including delay and unavailability, loss and corruption, leakage and theft, and inaccuracy and manipulation. The study also indicated six factors affecting the IOR situation, reflecting its gaining criticality and uncertainty. Six strategies were recommended for risk mitigation and prevention, focusing on the industry's cyber capability, resilience, interoperability, and transparency. Based on the fundamentals gathered, this study also proposed a new complementary approach to analyze container shipping operational risks considering the pervasiveness and interconnectedness of IORs through a set of four risk parameters and risk causal connections. These results lay the groundwork for an emerging intersection of container shipping risk management and information management – IOR management.
risk analysis, container shipping, operational risk, information management