As the world’s largest owner and operator of Very Large Gas Carriers (VLGCs), we take pride in offering industry-leading customer service and operational excellence.
Our Quality Management System (QMS), which takes reference from ISO 9001, is our repository of processes and management systems which guide our delivery of consistent and quality operations. The QMS is regularly reviewed and updated. Regular internal audits are also conducted to ensure that we are adhering to these processes. Any suggestions for improvements are taken into consideration for continuous improvement to our management systems and processes.
BW LPG has integrated ESG considerations into the business and therefore includes ESG-related risks into our overall risk management process. Our Enterprise Risk Management (ERM) is based on the principles from the ISO 31000 and the Committee of Sponsoring Organisations’ (COSO) ERM Framework. The risk management process is implemented using a risk register which considers all possible risks, with applicability assessed in terms of impact and probability. This register supports risk identification and follow-up of critical risks and related mitigation measures. We regularly monitor our risk framework, policy and review processes to ensure appropriate and efficient mitigation of risk.
In 2020, BW LPG collaborated with other affiliates within the BW Group to share knowledge and best practices on procurement, with the aim to streamline processes and policies, leverage on each other’s understanding of the market and make full use of available resources.
One positive outcome has been the creation of a new Resource Planning system, a one-stop solution for ship management purchasing which further automates the purchasing function for our fleet. A Procurement Manifest has also been set up to ensure mutually beneficial contracts for both BW LPG and our vendors. We leverage on volume and shared resources across affiliates to optimise the conditions of the contract and manage risks.