Samsung Heavy Industries, First in Shipbuilding Industry to Pass 'International Risk Management Standard' Verification

Establishment of a Dedicated Risk Management Organization in 2014

Samsung Heavy Industries announced on the 5th that it has become the first company in the shipbuilding industry to pass the verification audit for the 'International Risk Management Standard (ISO 31000:2018)' and received a verification certificate from Lloyd's Register Quality Assurance (LRQA).

ISO 31000:2018, established by the International Organization for Standardization (ISO), is an international standard that defines guidelines for managing all risks that arise during the mid- to long-term business operations.

In the verification audit, Lloyd's Register Quality Assurance evaluates key items such as ▲establishment of risk management standards and systematic response systems ▲spread of autonomous risk management culture ▲commitment of top management.

Risk Management International Standard (ISO31000) Certification
[Photo by Samsung Heavy Industries]

Samsung Heavy Industries passing this international standard verification audit first in the shipbuilding industry is the result of systematically establishing and executing risk response processes, thereby recognizing its risk management capabilities for sustainable growth amid uncertain business environments.

Since establishing the dedicated Risk Management (RM) team in 2014, Samsung Heavy Industries has extracted over 11,000 cases of data based on the performance of 1,500 ships and offshore facilities built since its founding and managed them in a database to complete the 'Risk Management System'.

Samsung Heavy Industries utilizes this system throughout all shipbuilding and offshore project executions, from the order stage to delivery, to prevent similar risks from occurring in the entire process.

A Samsung Heavy Industries official stated, "Since risk management is a critical factor that determines the success or failure of projects, this certification proves Samsung Heavy Industries' risk management capabilities," adding, "It will serve as an opportunity to further strengthen customer trust."