Conversations about the Costs of Damage - 14.03.18
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Jillian Hamilton is Managing Director of Manage Damage, an Australian risk management advisory firm; Jillian has an extensive career across many industries and saw the need to approach safety and risk in a new way. The result is Risk Dollarisation where the true cost of business risk is quantified by its damage cost which creates an environment where it is marked, measured and managed. She has developed MetricDriver, a tool to implement this process within your business. Manage Damage has saved organisations millions of dollars in damage costs. http://nswsafetyconference.com.au/whats-toughest-job-safety-manager/
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Conversations about the Costs of Damage - 14.03.18
- 1. 1 Conversations about the Cost of Damage NSW Regional Safety Conference & Expo 2018 Thursday 15 March 2018
- 2. 2 Costs of Damage • Profit Goals • They Don’t Listen • Financial Values • Why Does It Matter • Get Relevant • MetricDriver • Create Action
- 3. 3 Profit Goals Why Do People Go Into Business?
- 5. 5 Profit Goals Even charities are in business to make profit/provide a service It is just where the money/services goes that differs….
- 6. 6 Why Don’t They Listen (1640)
- 7. 7 Language? What Language Do You Speak?
- 8. 8 MONEY TALKS • 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
- 10. 10 Financial Values Reduce Costs and Identify Value Gather the Hearts, Minds & Pockets
- 12. 12 A Financial Approach Safety • Improved Economic Outcomes • New Language • Clear, Transparent & Accurate • Marked, Measured & Manage • Lets Commercially focused people understand Non-Financial Risk • Risk DollarisationTM has positive impacts & results for all entities including workers and companies.
- 13. 13 Avoid Catastrophic Year Damage Event Country Event People Fatalities $ Impact (US$) 2017 Grenfell United Kingdom Building Fire 80 Council Rehousing Cost - $98.9M UK Gov’t – Replace Cladding - $77.5M 2017 Dreamworld Theme Park Australia Ride Mechanical Failure 4 Company Revenue ↓63% ($9.8M to $3.6M) 2013 Rana Plaza Bangladesh Factory Fire & Collapse 1135 / 3000 $200/Person - Total = $227K $65/mth/pp for 2 yrs - Total = $4680K 2010 Deep Water Horizon United States Explosion & Spill 11 Company Total Cost $61.6B (pre-tax)
- 16. 16 NSW Damage Costs Health Care 15% Manufacturing 12% Construction 12% Retail 9%
- 17. 17 NSW Damage Costs Mining $26.4K Finance & Insurance $17.5K Construction $14.7K Professional Tech $14.1K
- 18. 18 Damage Costs? IMPORTANT NUMBERS Suitable Duties Medical Counsellors Investigators Public Liability Legal Physio External provider Common law Claims Surveillance Doctors Insurance
- 19. 19 Why Does it Matter Refer to SWA “Measuring and Reporting on Workplace Health and Safety” - March 2017
- 20. 20 Why Does it Matter WHS INDICATORS INTERNAL REPORTS EXTERNAL REPORTS Boards WHS Investors Community Financial indicators of WHS performance # workers’ compensation claims ^ P $ workers’ compensation costs P P P ^ $ fines and regulatory penalties P P P P $ legal fees ^ ^ $ lost revenues ^ ^ $ reputational repair costs ^ $ contingent liabilities ^ P $ WHS incentives paid ^ P ^ ^
- 21. 21 Create Action
- 22. 22 Budgeting Tool MetricDriver Mark | Measure |Monitor Budget|Forecast Management
- 23. 23 Budgeting Tool IMPORTANT NUMBERS Suitable Duties Medical Counsellors Investigators Public Liability Legal Physio External provider Common law Claims Surveillance Doctors Insurance
- 25. 25 Create Action