Minimising cost of damage
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Non-Financial Risks Language Safety Financial Reporting The Numbers Don’t Lie ROI (Proving Value in Prevention) The Costs of Damage Risk Dollarisation® Create Action Futuristic Thinking
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Minimising cost of damage
- 1. Minimising Damage Costs Understanding how to Manage Damage JL HAMILTON 9 October 2018
- 2. Non-Financial Risks Language Safety Financial Reporting The Numbers Don’t Lie ROI (Proving Value in Prevention) The Costs of Damage Risk Dollarisation® Create Action Futuristic Thinking
- 3. Where everything else is numbers… Where all the rest of the decisions are made… Non-Financial Risks
- 4. Non-Financial Risk is those items of risk that are not normally managed in monetary or financially reported: Operational Risk Compliance Risk Conduct Risk IT Risk Cyber Risk Third- Party Risk Non-Financial Risks
- 5. The cost incurred by repercussions (effects) of direct environmental impacts (for example, from the emission of pollutants) such as the degradation of land or human-made structures and health effects. In environmental accounting, it is part of the costs borne by economic agents. The word “damage” is chosen and used to speak to the commercial/ business/ operational parties of a business whom regularly speak in these terms for stock and accounts of widgets worldwide. Damage Costs
- 6. Why Do People Go Into Business? WHY?
- 7. Goals
- 8. NO MATTER WHICH LANGUAGE Dolarização do risco Dolarización del riesgo リスクのドル化 Risk Dollarization Dollarisation des risques Risico-Dollarisering 风险 货币 Money Talks
- 11. Perceptions..
- 13. Improved Economic Outcomes New Language Clear, Transparent & Accurate Marked, Measured & Manage Lets Commercially focused people understand Non-Financial Risk Risk Dollarisation® has positive impacts & results for all entities including workers and companies. Financial Approach to Safety
- 14. Damage Costs… IMPORTANT NUMBERS Suitable Duties Medical Counsellors Investigators Public Liability Legal Physio External provider Common Law Claims Surveillance Doctors Insurance
- 15. Value… Reduce Costs and Identify Value Gather the Hearts, Minds & Pockets
- 16. Engagement…
- 17. Why Does it Matter… Refer to SWA “Measuring and Reporting on Workplace Health and Safety” - March 2017
- 18. Proven Returns… Refer to ISSA https://www.issa.int/en/details?uuid=f8ded415-513e-4326-9ecf-00231eb2a279
- 19. SWA Recommend… WHS INDICATORS INTERNAL REPORTS EXTERNAL REPORTS Boards WHS Investors Community Financial indicators of WHS performance # workers’ compensation claims ^ $ workers’ compensation costs ^ $ fines and regulatory penalties $ legal fees ^ ^ $ lost revenues ^ ^ $ reputational repair costs ^ $ contingent liabilities ^ $ WHS incentives paid ^ ^ ^
- 20. The numbers don’t lie… Sprains & Strains, Muscular Skeletal % & Back Specifically Industry QLD Claims Cost (17/18FY) NSW Claims Cost (14- 15FY) SA Claims Cost (14-15FY) NZ Claims Cost (16/17FY) Back Injury Sprains & Strains M/Skeletal SSM% Mining - Coal $61,371 $26,400 $18,008 $2,236 19% 49% 25% 74% Electricity - Supply $40,529 $13,800 $18,008 $2,236 19% 31% 28% 59% Construction - Roads & Infrastructure $57,130 $14,700 $18,680 $2,236 15% 49% 25% 71% Transport, Postal & Warehousing – Rail $26,085 $13,600 $25,081 $2,236 19% 41% 27% 68% Public Admin & Safety - Sec & Govt $16,619 $13,000 $18,008 $2,236 19% 51% 25% 76% Education & Training – Primary & Sec $15,904 $10,800 $18,008 $2,236 19% 36% 19% 56% Health Care & Soc Ass - Aged Care $11,581 $8,000 $18,329 $2,236 19% 51% 29% 81%
- 21. NSW Damage Costs Health Care 15% Manufacturing 12% Construction 12% Retail 9%
- 22. NSW Damage Costs Mining $26.4K Finance & Insurance $17.5K Construction $14.7K Professional Tech $14.1K
- 24. Budgeting Tool MetricDriver Mark | Measure |Monitor Budget|Forecast Management
- 25. Create Action
- 26. Solution Holistic •Prevention & Return to Work •MUST Work Together •Why do we even have two conferences?
- 28. Connect with us www.managedamage.com - https://www.linkedin.com/in/jillianlhamilton/ https://www.facebook.com/Managedamage/ - https://www.instagram.com/manage_damage/
Editor's Notes
- Once I switched that perception The dark side They thought we put money Cold hard facts many peple think like this That’s why we say risk…. Pwc Rob Ashley board meeting – how do you get them to listen to you?? Directors piped up skull and cross bones scarf But I simply said I have them by the hip pocket I talk in dollars this was back in 2011 when it had to start My job was on seek about 3 times whilst i worked there!!
- Once I switched that perception The dark side They thought we put money Cold hard facts many peple think like this That’s why we say risk…. Pwc Rob Ashley board meeting – how do you get them to listen to you?? Directors piped up skull and cross bones scarf But I simply said I have them by the hip pocket I talk in dollars this was back in 2011 when it had to start My job was on seek about 3 times whilst i worked there!!
- The cost of damage must be relative The Australian Damage Costs of Workplace Injury and Illness is $61 Billion. So what? It only matters if you make it relevant and relatable to facts that people understand and your business. The number $61 billion is so large that people can not relate to it – so here we present the data against relatable figures that people could understand. In this example we have related the 61 billion to how much the Australian Federal Government spends on Health, Education and Defence and show just how important this value of Damage is to our country and our economic success. We do this work for your business when we start.
- Linking Risks to Behaviour & Consequence for Better Operational Control MetricDriver Current Allocation of RM Costs in your business Allocate to ensure true value Assess a company’s Risk portfolio via the cost of damage. Insurance premiums vs industry standards Injuring workers is the variable of cost
- Secret numers Dirty laundry Key is to open up this infomrastion with confidentiality and id the costs and opportunitoes for bsuinesses to improve risk amangement