Ensuring safe navigation is paramount for the economic development of the Arctic. Aware of this strategic issue, the International Maritime Organization (IMO), supported by the Arctic coastal states, adopted the International Code for Ships Operating in Polar Waters (Polar Code) with a set of navigation tools including the well-known Polar Operational Limit Assessment Risk Indexing System (POLARIS). Designed for assessing operational capabilities for ships operating in ice, POLARIS is useful for various stakeholders such as the International Association of Classification Society (IACS) organizations and underwriters. Other important beneficiaries are shipowners and their crew. Even though POLARIS deals with topical issues, so far, this system has not been subjected to extensive studies of its capabilities and limitations. The aim of this analysis in hand is to assess the stakes, benefits and limits of POLARIS for Arctic navigation with a managerial approach and through the lens of risk assessment. Results show that POLARIS integrates various parameters to assess risk of navigation in ice, and that POLARIS can provide relevant managerial solutions to shipowners. Nevertheless, certain limitations remain; in particular, human factors such as the lack of crew experience or the issue of non-compliance are not taken into consideration. Finally, it is important to highlight the fact that POLARIS is not a mandatory requirement.