Formal Safety Assessment, FSA is a proactive process introduced by the IMO (International Maritime Organization) to be used as a tool in the rulemaking process – it is “one way of ensuring that action is taken before a disaster occurs”. The FSA preferably addresses a specific category of ship or navigational area but may also be applied to a specific maritime safety issue to identify cost effective risk reduction options.

The FSA process includes five basic steps:
1. Hazard identification - list of accident scenarios
2. Risk analysis - probability and consequences
3. Risk control options
4. Cost benefit assessment
5. Recommendation