Are any periodical checks made on the Company’s ships after they have been issued with their ISM certificates?

Yes. At least one intermediate safety management audit (verification) is carried to maintain validity of the SMC, one of them being between the second and third anniversary of issue of the SMC.

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Why might an additional intermediate audit be carried out on a ship?

What happens if the annual DOC verification finds that any corrective action needs to be taken in the shore-side SMS?