Every safety critical industry grapples with implementing an effective corporate risk management approach suited to their particular operational environment. A literature review revealed that Airlines and trains, as well as other safety critical industries, have adopted Enterprise Risk Management (ERM) to help improve the safety of their operations, but identified a gap in the application for cruise and ferry companies. Incidents like the sinking of the Costa Concordia highlight the need for improved risk management in passenger carrying ships used in cruise and ferry operations. This paper explains the creation of a holistic risk framework, using an idealized template as a guide for implementing and improving current risk approaches employed by operators of passenger carrying ships. Based on the positive results observed in other industries from implementing Enterprise Risk Management, passenger ship operators can expect an improved safety record and corresponding better financial performance of their companies.