Samsung Heavy passes Int'l Risk Management Standard audit

Samsung Heavy Industries, a leading South Korean shipbuilder, announced on Thursday that it has become the first in the Korean shipbuilding industry to pass the "International Risk Management Standard" (ISO 31000:2018) audit conducted by Lloyd's Register Quality Assurance Inc. (LRQA), an international certification body.

The International Risk Management Standard, established by the International Organization for Standardization (ISO), assesses an organization's risk management capabilities for all types of risks arising during mid- to long-term business activities.

LRQA evaluates key aspects such as the establishment of risk management standards, systematic response systems, the spread of a self-regulatory risk management culture and the commitment of top management.

Samsung Heavy Industries emphasized that it has been recognized for its risk management capabilities, ensuring sustainable growth even in uncertain business environments.

The company established a dedicated risk management organization in 2014 and built a risk management system based on its track record of building 1,500 vessels since its founding.

This system ensures that similar risks would not occur during the entire process of shipbuilding and offshore projects, from the order stage to delivery.

"Risk management is a critical factor that can determine the success or failure of a project, and this certification proves Samsung Heavy Industries' risk management capabilities," said a Samsung Heavy Industries representative, adding, "It will further solidify customer trust."

Write to Hyung-Kyu Kim at khk@hankyung.com