Replies

  • Looking at it say from the context of road safety, safety statistics refer to information/data/facts say on the number of illnesses, injuries or deaths resulting from vehicle accidents at a particular time. For example, X deaths and Y injuries resulting from drunken driving during the festive season or Z accidents resulting from non-road worthy vehicles, poor roads or malfunctioning traffic lights during the year.

    Applying 'safety planning control' would look at these statistics and establish the drivers of such statistics. This will also involve at identifying ways to mitigate the risks or reduce the severity of such accident. It's about getting insights from the statistics on the table and formulating safety management plans and controls.
  • Over more than 80 years of safety experience in organizations around the Globe, a set of general safety statistics have emerged i.e. that 2% of Accidents can be caused by what we call Acts of God (uncontrollable), 10% by unsafe conditions and 88% caused by unsafe behavior.


    When you do your research, take a look at what is called the domino theory and also the theory of risks - Basically every fatal accident has been preceded by a number of dominos falling, especially in a situation where accidents had taken place.

    Here's a short snippet from one of my newsletters that might help:

     

    The Domino Theory is a theory used by Health and Safety practitioners to show how accidents or incidents happen in the workplace that has direct application for Reputational Risk Managers.

     

    For those of you who have ever played dominos or have seen it being stacked at Guinness World Book of Records events, will know that there is a number of rules vital to domino playing:

     

    - You have to line them up correctly. If you line them upcorrectly, they'll fall down nicely. Line them up incorrectly, and they won't fall against each other.

     

    - You've got to push the first domino in the right direction.

     

    - When you knock over the first domino, be ready for the rest of them to fall. They will fall, and if you are not ready.......

     

    Health & Safety specialists use this theory to demonstrate how an accident happens. This is how they depict it:

     

    - The first domino is the Failure to maintain work performance standards;

    - The second domino relates to Personal and Job Factors,which leads to;

    - The third domino - Unsafe practices and Unsafe conditions which leads to;

    - The fourth domino - Types of incidents which lead to;

    - The fifth domino falling which leads to Injury, illness or property damage.

     

    Thus the thread of an accident can be seen through a series of distinct stages. And so can most reputational incidents or accidents.

     

    The most important domino - LACK OF MANAGEMENT CONTROL is the domino that starts up the whole process. Shall we apply this to the word - Safety Planning control. Research has shown that bad planning is the number 1 cause for poor management.

     

    Does your company have in place the necessary controls for preventing potential safety and thus reputational incidents? I bet not. If not! Let me not scare you. Soon the domino WILL fall. Don't believe me? Do me a favour - for the next three (3) weeks cut out as many references to safety & reputational issues out of all your available newspapers and other media, and then make a collage out of it. Maybe then you will believe me.

     

     

     

     

This reply was deleted.

Introducing the Global Risk Series - Book 1 Risk Management How Tos

Dear GlobalRisk Community member, Our community’s mission is to foster business, networking and educational explorations among members. Learn from some of the top experts in the industry as they clearly explain how to approach the most important Risk management concepts. Check out their expert tips and use the link at the end of each article to navigate back to the website to leave your comment or ask a question.   Some of the topics include: How do you Explain Risk Appetite?  How to Prepare a…

Read more…
16 Replies · Reply by GlobalRiskCommunity Mar 21
Views: 1106

[Free COVID-19 Framework] What's the path to recovery look like?

We created a free presentation (attached), which discusses both global and organizational impacts of the COVID-19 pandemic, along with critical actions organizations should take immediately. This presentation introduces a framework that helps regions and organizations navigate a path to recovery via 9 potential scenarios. These scenarios capture outcomes related to GDP impact, public health response, and economic policies. The presentation also breaks down 6 immediate and critical actions…

Read more…
4 Replies · Reply by Steve Diaz Jul 8, 2023
Views: 236

If risk management is about decision making, are current risk management solutions irrelevant?

Now that the updated COSO and ISO risk management standards emphasize a connection to enterprise objectives and decision making, does this mean ERM and GRC solutions focused on risk registers and regulatory compliance are missing the true value of risk management?Will current risk management solutions evolve to integrate more decision support functionality or will standalone prescriptive analytics and other technology solutions take a more prominent role in enabling risk-informed…

Read more…
3 Replies
Views: 163

A question related to classification of instruments between trading and banking book.

We have an interesting question from one of our members.       "We usually perform OTC FX transactions with clients backed-to-back on the market (with Banks). Now we are going to perform a FX swap (i.e. Spot + forward) JPY/EUR for the Bank account for 1 week at the longest. The purpose is to get EUR place @ CB for LCR compliance purpose (no trading purposes). Bank's Management think that this should be considered as a trading position and therefore be classified within the Bank's trading book.…

Read more…
5 Replies · Reply by Prisha Singh Dec 26, 2023
Views: 372

Plunging oil prices: curse or blessing in disguise?

The recent sudden crash of oil prices has had a major impact on the world economy, leading to many troubled faces in the international arena. The Russians fear the effects of yet another powerful hit on their economy, Venezuela seems to be considering default and the Americans are weary of the consequences for its young and emerging shale oil industry. And then you have the Middle East, where the smallest match is enough to ignite the largest fire. But are these worries really justified or…

Read more…
1 Reply
Views: 106

    About Us

    The GlobalRisk Community is a thriving community of risk managers and associated service providers. Our purpose is to foster business, networking and educational explorations among members. Our goal is to be the worlds premier Risk forum and contribute to better understanding of the complex world of risk.

    Business Partners

    For companies wanting to create a greater visibility for their products and services among their prospects in the Risk market: Send your business partnership request by filling in the form here!

lead