HSE Accident Cost Calculation
Accidents cost money, whether from harm to people or the environment, damaged plant or lost product. The immediate cost of major accidents is very visible, however the nature and extent of the loss from accidents of a more routine nature is less well understood. Often the indirect costs of an accident may be much greater and can significantly affect the profitability of operations. The course sets out to explain how accident costs may be calculated, and hence allow better determination of the benefit of measures designed to prevent future accidents.
Outline
- Benefits of incident investigation and calculation of costs
- Why do we investigate incidents?
- The incident investigation process
- The difference between direct and indirect costs
- Examples of accident costs
- Reference costs associated with incidents
- Reporting structure for incident costs
- Accident cost calculation exercises.
At the end of the course you should be able to:
- Increased awareness of the benefits associated with investigation of incidents, and the calculation of incident costs
- Increased awareness of incident investigation and root cause analysis, including the BSCAT methodology
- Understanding of the process to be applied to calculate the costs of incidents
- Awareness of incident cost references
- Practical experience of calculating the costs
Who is this for?
Managers, HSE advisors, financial advisors and risk management practitioners.
What prior study is recommended?
Education, skills or experience equivalent to undergraduate level. Risktec course: Principles of Risk Management.
How is it delivered?
In-house training
F2F (1 day)
