Loss management

W. Zacky, Remarks made at 2nd biennial Canadian Conference on Process Safety and Loss Management, Toronto, Canada, June 1995. 

Pennycook, W. A., Embrey, D. E. (1993). An Operating Approach to Error Analysis. In Proceedings of the First Biennial Canadian Conference on Process Safety and Loss Management. Edmonton, 24th April. Waterloo, Ontario, Canada Institute for Risk Research, University of Waterloo. 

At the risk evaluation step, if the risks are found to be unacceptable, then further risk control measures win he necessary. These include measures for preventing incidents and impacts (such as implementing process safety and loss management systems for minimizing chances and consequences of hazardous material releases), and measures for responding to incidents should they occur. Cost/henefit considerations will also play a role in selecting the risk control measures for implementation. Each additional risk control measure changes the risk level, and the process of improvement continues until the risks become acceptable to the stakeholders. The involvement of the stakeholders in each step in the process is indicated in Fig. 10.5 by double-headed arrows. 

Massachusetts Workers Compensation program firms receive a premium credit for enrolling in a loss management pn ram. In the first year of this pn piam, firms participating in the program had a 20.8 percent improvement in their loss ratios. 

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