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SEA
MANAGEMENT SYSTEMS: APPROACH AND PRINCIPLES
PREVENTION
Plan and establish objectives and processes necessary to achieve the required
and expected results
IMPLEMENTATION
Define and implement the established plan and processes
DETECTION
Study the actual results of implementation and compare against the expected
results
FEEDBACK AND IMPROVEMENT
Take action on significant differences between actual and planned results.
Analyze these differences to determine their root causes. Determine where to
apply changes that will improve the process or results
Managing risks
and internal auditing
In Costa Cruises the risk prevention
and management policy is based on a
model developed globally by Carnival
Corporation and taking into account
the main international
Enterprise Risk
Management
(ERM) standards.
Risk and opportunities are identified
by management using a holistic risk
framework and a risk management
capability model aligned with the
organization’s strategy and Board/
Management priorities.
This framework is part of the Enterprise
Risk Management program, which
is facilitated by the
Risk Advisory
and Assurance Services
(RAAS)
Department.
Risk prioritization occurs by actively
engaging management and the Board
of Directors to determine which risks
within the ERM risk framework are
appropriate for further evaluation.
Therefore, the ERM program acts as a
catalyst for supporting the business
to recognize and manage variables
that would affect the ability to achieve
objectives, as well as to identify the
capabilities needed to effectively
manage those variables, which in turn
will increase the chance of mission
success. It is through this evaluation
process that opportunities to manage
risk are identified.
Pursuant to this program, the Risk
Advisory & Assurance Services
Department works closely with
management to perform annual
assessments, identify risks and evaluate
controls to ensure compliance with
Company policies and procedures,
as well as laws and regulations.
Management reviews the assessments
and updates thereto with the
Audit
Committee.