The Coast Guard strongly recommends that owners and operators consider the value of implementing reporting systems recognizing that such reporting can assist them in remaining compliant with various domestic and international requirements. Reporting will allow the owner and operator to become knowledgeable of issues related vessel material safety, operational safety and environmental concerns. This additional awareness allows management control and may reduce the impact of costs associated with repairs, environmental penalties, injuries and other circumstances before they become problematic to the owner and operator.
Source: Investigations & Casualty Analysis
Link: 5/14/2018: Marine Safety Alert – Implementing an internal reporting system may reduce risks