Manage Damage - Health, Safety & Environment Program of the Year
Company: Manage Damage, Brisbane, QLD, Australia
Company Description: Manage Damage is a risk advisory firm with a difference - we solve non-financial risks using a financial approach. This unique approach to dollarising risk reduces the cost of damage and the negative impact on the bottom-line. By assessing your business’ risk portfolio, you will have complete visibility of true damage costs and therefore the opportunities to manage the damage.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Health, Safety & Environment Program of the Year - in Asia, Australia and New Zealand
Nomination Title: Risk Dollarisation – a Groundbreaking Approach to Non-Financial Risk
Tell the story about this nominated health, safety and environment program as it has been carried out since 1 January 2017 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms.
Risk Dollarisation – a groundbreaking approach to non-financial risk
In September 2017 Australian company Manage Damage presented their innovative approach to reducing costs of worker insurance to global business today in Singapore at the 2017 World Congress on Safety & Health at Work.
The Congress is jointly organised by the International Labour Organisation (ILO) and International Social Security Association (ISSA), bodies of the United Nations.
The Manage Damage methodology of analysis is of interest globally as countries seek to find ways to strengthen sustainability to the global supply chain.
“Our methodology is a world first in proving in fiscal terms that prevention pays,” said Hamilton.
Manage Damage is a Brisbane based risk advisory firm that solves non-financial risk with a financial approach.
Non-financial risk targets those areas that are not measured in financial terms - the support and shared services in an organisation.
The full financial position of these services is not usually known as all associated costs are either not identified or hidden across operational or financial structures.
The Manage Damage process analyses the cost such as safety, health, environment, quality and human resources across the whole of business and converts this information into financial terms to be easily addressed by boards and senior leadership.
“Manage Damage is about reducing risk across the whole of a business. We call our philosophy ‘Risk Dollarisation’.
We have developed a methodology that converts non-financial risk into dollar terms to enable management to more easily address the complex interplay of these factors within a business and reduce associated costs. Management can see where issues lie and where true associated costs are located,” said Hamilton.
By assessing a company’s risk portfolio via the cost of damage they are able to better manage and reduce the costs associated with risk. Companies obtain complete visibility of true damage costs and opportunities to manage the damage are highlighted. This unique approach to ‘dollarising’ risk reduces the cost of damage and the negative impact on a company’s bottom-line.
“The costs associated to business in this area are high; in 2012/2013 in Australia work- related injury and disease cost $61 billion dollars and this figure is only a small part of the overall non-financial risk damage equation,” said Hamilton.
“We are seeing great interest from both large business and government in our approach. This is an area which has been pushed into the too hard basket by management as it has been difficult to address in clear fiscal terms. Our methodology solves this problem.”
Manage Damage has been requested to extend it's services worldwide and the approach is transportable & translatablefor countries, companies, insurers and people.
In bullet-list form, briefly summarize up to ten (10) chief achievements since 1 January 2017 of the nominated health, safety and environment program (up to 150 words).
-Risk Dollarisation provesthatinvestmentinprevention &return to workpays
-It creates a position of complete visibility of true damage costs & highlights opportunities to manage the damage.
-By using financial terms stakeholders are clear on their positions as they are clearly defined, accountable and visible.
-It removes the ambiguity& assignsspecific economic values for risk rather than today’s current qualitative terms.
-Risk Dollarisation increases the importance & understanding of the current non-financial functions of an entity as they are represented in financial terms.
-It is clear, transparent, visible &accurate.
-Risk Dollarisation ensures true engagement at the very senior level of organizations& it's results for this are unfounded from usual safety/risk terms of reference.
-This is a new wave of thinking about Risk/Safety that is not replicated anywhere world-wide.