Risk Management

Risk management is an essential part of Western Bulk’s DNA. It is fundamental in all our operations.

More than a set of systems and models, risk management is a way of thinking that permeates the organisation from top to bottom and across departments and offices. In Western Bulk, a decision is always considered on a risk-adjusted basis.

Our risk management infrastructure includes various models to quantify risks, as well as policies and procedures to limit and control the various risks we face. At the core is a sophisticated in-house risk management system, largely inspired by the models seen within the financial industry but adapted to the realities of a highly physical and imperfect freight market. The risk management system is crucial to ensure a robust downside protection on the Company's earnings and to evaluate commercial decisions on a risk-adjusted basis, but the real value driver is not primarily the system itself, but rather the people that use the system to improve our understand of risks and value drivers.

Therefore, our risk management infrastructure is continuously updated to remain relevant to the current risk environment.

Read on.

Western Bulk

Email and IT-related Fraud Alert

There is an increasing risk of attempted fraud and other security threats via email. In particular, Western Bulk has noticed an increase of fraudulent requests to change bank account details of suppliers/creditors, in an attempt to redirect payments to criminals and not to the intended recipient. We encourage everyone to be vigilant and learn to detect fraudulent email instructions - seemingly legitimate emails may contain fraudulent information, this is not just a cybersecurity matter.

As a result, Western Bulk will treat any notice of bank account changes as suspicious. Urgent pressure to effect payment as soon as possible without verification of the changes will also be treated as suspicious.

Please note that Western Bulk would not inform of changes to bank account details by email notice alone. In the unlikely event that we need to change a beneficiary name or our other bank account details, we would personally contact our supplier or customer in order to personally verify any change in details.

Similarly, we ask that all our suppliers and creditors:

1. first notify us in writing and
2. personally verify any change in bank details or change in beneficiary in any payment advice to Western Bulk.

In summary, notices of bank account changes will require voice confirmation from your Western Bulk contact, either by telephone or face to face, before payment can be authorised so please make sure to notify any changes in good time.