Formal safety assessment (FSA)
FSA is a rational and systematic process for assessing the risks associated with shipping activity and for evaluating the costs and benefits of options for reducing these risks. Application of FSA may be particularly relevant for proposals for rules and regulatory measures which have far-reaching implications in terms of costs to the maritime industry or the administrative or legislative possible burdens. This is achieved by providing a clear justification for proposed measures and allowing the comparison of different options of such measures to be made. This is in line with the basic philosophy of FSA as it can be used as a tool to facilitate a clear decision-making process. In addition, it provides a means of proactivity, enabling potential hazards to be considered before a serious accident occurs.