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Risk Management

REDUCE Operational Costs
Risk Management allows an organisation to –

> Assess Risk
> Evaluate Risk
> Manage Risk
> Measure Risk

This process brings an element of control over inherent risks to allow the consequences to be considered.

Benefits of good Risk Management

• Creates and protects value
• Reduce insurance premiums
• Is an integral part of all organisational processes
• Is helpful in decision making
• Explicitly addresses uncertainty
• Is systematic, structured and timely
• Is based on the best current information available
• Is bespoke to the organisation
• Takes human and cultural aspects into consideration
• Is transparent and inclusive
• Is dynamic and responds to change
• Facilitates continual improvement within the organisation
• Reduces operational costs

Several studies conducted have proven that uninsured costs of accidents are usually greater than the insured costs.

A conservative estimate of losses for every £1 of direct accident costs, there is at least £8 of indirect costs. Some studies indicate the hidden costs can be 36 times the insured costs. Indirect costs to consider include:

• Time lost from work by injured employee(s)
• Loss in earning potential
• Economic loss to injured worker’s family
• Lost time by fellow employees
• Cost of training a new worker
• Lost time by supervision
• Damage to tools, equipment, and other property
• Loss of effciency
• Time lost for replacing damaged equipment
• Loss of production
• Spoilage -  fire, water, chemical, explosives, etc
• Failure to fill orders
• Overhead cost (while work was disrupted)

Need assistance?
Call us on 0113 281 8110 or
Romero House, 8 Airport West , Lancaster Way , Yeadon , LS19 7ZA, 0113 281 8110
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