Manage Damage - Innovation in Business-to-Business Services

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Name of Organization / Company: Manage Damage, Woolloongabba, QLD Australia
Category: P01 - P15 - Award for Innovation in Product Design and Development > P02. Award for Innovation in Business-to-Business Services

Entry Title: Risk Dollarisation – a Groundbreaking Approach to Non-Financial Risk

Essay:

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.”

Links:
www.managedamage.com
https://www.linkedin.com/pulse/why-did-we-patent-riskdollarisation-jillian-hamilton/
https://www.linkedin.com/pulse/riskdollarisation-matter-language-money-talks-jillian-hamilton/
https://www.linkedin.com/pulse/manage-damage-commercialised-world-government-agenda-hamilton/
http://pericles.ipaustralia.gov.au/ols/auspat/applicationDetails.do?applicationNo=2017101182
https://vimeo.com/236171398
https://www.facebook.com/Managedamage/
https://www.linkedin.com/in/jillianlhamilton/
https://www.linkedin.com/company/manage-damage/
https://www.instagram.com/manage_damage/