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This paper examines the present physical borders and risk-based activities in the marine industry, aims to propose an appropriate risk management methodology in order to identify, measure and mitigate hazards that are threatening the marine industry. An appropriate generic risk management (RM) methodology is proposed and justified. A set of RM-related obligations are addressed and to be carried out specifically by risk managers to facilitate the proposed RM methodology. This will enable industry users to become familiar with the concept of risk management at its holistic level. This eventually can lead to development of risk management capabilities at an exclusive level and its integration into the marine industry functions in future.