Analyzing maritime accidents plays a key role in improving maritime safety and raising environmental awareness. "The Functional Resonance Analysis Model (FRAM)" describes a structure to provide a system for achieving the aims of accident analysis. This paper considers the application of FRAM for qualitative risk analysis of shipping operations. The Prestige Oil Spill, an environmental catastrophe that caused a great amount of oil spill, is analyzed by using the aforementioned method. Through the results of the analysis, the variabilities of events underlying the accident are tried to be determined, and suggestions to examine them are provided. The essence of having a consistent opinion on the operation of the system and the fact that FRAM is an integral part for enhancing the risk analysis of the ship accidents were found out based on the results of the study.