The practice of identifying and analyzing loss exposures and taking steps to minimize the financial impact of the risks they impose. Traditional risk management, sometimes called "insurance risk management", has focused on "pure risks" (i.e., possible loss by fortuitous or accidental means) but not business risks (i.e., those that may present the possibility of loss or gain). Financial institutions also employ a different type of risk management, which focuses on the effects of financial risks on the organization. For example, interest rate risk is a bank's most important financial risk, and various hedging tools and techniques such as derivatives are used to manage banks' exposure to interest rate volatility.
A HSE Management System is a process put in place by an employer to minimize the risk of injury and illness to employees. This is made possible by identifying, assessing and controlling risks to workers in all workplace operations.
1. By achieving COR, employers are able to demonstrate to buyers (especially in the construction industry) that their HSE management system has been developed, implemented, and evaluated on an annual basis through comprehensive internal and external audits.
2. Your safety program will comply with COR national standards, since all stipulations have been endorsed by participating members of the Canadian Federation of Construction Safety Associations (CFCSA).
3. Protecting the health and safety of all workers at all times is the right thing to do. Effective development and maintenance of a HSE management system is a proactive approach to eliminating workplace injuries and illnesses.
4. Organizations that are registered in the COR program may qualify ahead of others for certain jobs. Buyers of construction (and other industries) can make COR a requirement for contractors bidding on jobs in order to be more confident in the contractor's health and safety performance.
5. Organizations that are registered in the COR program demonstrates a commitment to a strong culture of safety, and will attact safety-conscious workers.
6. Providing immediate proof that you have an effective HSE management system in place will give your organization a competitive advantage.
A contractual relationship that exists when one party (insurer) for a consideration (premium) agrees to reimburse another party (insured) for a loss to a specified subject (the risk) caused by designated contingencies (hazards or perils).
Safety Culture is the attitude, beliefs, perceptions and values that employees share in relation to safety in the workplace. Safety culture is a part of organizational culture, and has been described by the phrase "the way we do things around here". Studies have found that workplace disasters are a result of a breakdown in an organization's policies and procedures that were established to deal with safety, and that the breakdown flows from inadequate attention being paid to safety issues.
The Certificate of Recognition (COR) is an occupational health and safety accreditation for industry employers aimed at reducing the human and financial costs associated with workplace accidents and injuries. COR is rapidly becoming the key criteria in the legislated requirement to evaluate, select and monitor contractors. It is used as a pre-qualification requirement for contractors working across Canada. COR is the highest distinction available to contractors, verifying a fully implemented and effective HSE program that meets the national standards.
Achievement of the least-core coverage of an organization's loss exposures, while ensuring post-loss financial resource availability. The risk financing process consists of five steps: identifying and analyzing exposures, analyzing alternative risk financing techniques, selecting the best risk financing techniques, implementing the selected techniqes, and monitoring the selected techniques. Risk Financing programs can involve insurance rating plans, such as retrospective rating, self-insurance programs or captive insurance