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1. Risk management means the systematic identification of risks and the implementation of all measures necessary for limiting the occurrence of those risks. This includes activities such as collecting data and information, analysing and assessing risks, preparing and taking action and regular monitoring and review of the process and its outcomes.

2. On the basis of a risk assessment, Member States in coordination with EFCA shall define a risk-management strategy to facilitate compliance with this Regulation. That strategy should encompass the identification, description and allocation of appropriate cost-effective control instruments and inspection means, in relation to the nature and the estimated level of each risk, and the achievement of target benchmarks.

3. Risk-assessment and management criteria are laid down for checking, inspection and verification activities in order to allow timely risk analyses and general assessments of relevant control and inspection information.

4. Individual fishing vessels, groups of fishing vessels, operators, and/or fishing activity on different species and in different parts of the Convention Area are subject to control and inspections in accordance with the level of risk attributed, using, inter alia, the following general assumptions of risk-level criteria in relation to the port State control of landings and transhipments in port:

(a) catches taken by a non-Contracting Party vessel;

(b) frozen catches;

(c) catches of a large volume;

(d) catches previously transhipped at sea;

(e) catches taken outside the waters under the jurisdiction of Contracting Parties, i.e. in the Regulatory Area;

(f) catches taken both inside and outside the Convention Area;

(g) catches of high value species;

(h) catches of fishery resources for which there are particularly limited fishing opportunities; and (i) number of inspections previously carried out and number of detected infringements for a vessel and/or operator.