Safety is a critical path of the business risk management chain. It starts here for any measure of business continuity.
Business leaders must qualify and work with technocrats and professionals within their organizations to ensure that this is imbibed in the culture and practice for effective control of unwanted losses. Risk engineering is a specialized niche to be practiced with strict compliance to codes and standards by experienced consultants, especially since it serves as a basis for insurance underwriting. Just recently, no fewer than 15 buildings harboring people’s investment in Dosunmu market, Lagos Island went down in fire, this was just barely three weeks after four buildings were razed down by fire in the same area.
Although it is not certain the financial worth of investment lost to these recent disasters, the report has it that Nigeria has lost about N3.19tn to various fire incidents nationwide between 2015 and 2022.
Beyond fire, there are other hazards plaguing investment and workplace such as falls and falling objects, building collapse, chemical exposure, and electrical and repetitive motion injury, amongst others.
The recent incidents yet brought to the fore the importance of a proactive safety plan while building investment.
Lead Consultant at Safety Consultants and Solutions Provider Limited (SCSP), a risk consultancy and engineering solutions in life, fire, and safety risk management, Antonia Beri
stressed that all businesses must have a health and safety policy duly implemented, as enshrined by law.
According to the safety expert, investment in safety no doubt gives a positive return on investment. This is in addition to healthier workforce, higher profits, committed workforce, saved money on workers’s compensation and lost production as well as enhances corporate image “.
Sadly, Beri said that many business executives still take Occupational Health and Safety(OHS) with levity and are reluctant to deploy resources to it. situations.
She explained, ” Prioritising safety help businesses to drive profit and continue by preventing and mitigating losses from emergency. Unfortunately, lessons have not been learnt such that some investors still consider safety as auxiliary and non-essential. Infact, some believe that their common sense will keep them safe at work.
“From short term decisions that view safety as an unnecessary expense to the ones that wholly invest in safety and find ways to keep their business safe, the result will tell. One can’t argue the fact that ignoring safety is like throwing profits out of the window”.
Stressing safety culture as one of the safest moves in business, she maintained that doing it right will keep workers and businesses safe from a financial perspective.
She insisted that organizations, regardless of their size must engage competent risk professionals with proven records in crisis prevention, mitigation, and response to manage their safety portfolio.
She said such engagement must be confirmed certified and committed to promoting best practices in compliance to local and international safety standards and codes.
“The truth remains that safety is an investment and not a cost as mostly perceived. Although there have been long-time arguments on how much of operating costs should be set aside for safety amid fluctuating economic indices. Regardless of how much is spent, the output often outweighs the input.
” It is been established that for every $1 an organization invests in OHS, it reaps $4 more. In fact more recently with economic revitalization, it is estimated that for every $1 organization invest in safety, they reap $10 more. Conversely, the direct opposite cost of accidents, the severity of injuries or equipment damages usually ranges from $1000 to $20,000. A side-to-side analysis of these projections is enough to guide and direct business owners on the right path of investment to make”, she advised.
in the case of a recent market fire that killed one and injured several others, Beri sympathizing with the affected said that the tragedy could be averted or be minimal where there is total adherence to safety principles.
“I am aware that the government is planning to set up fire marshals across buildings in the area to prevent a reoccurrence, as well as to create awareness on safety practices, I mean this should have been before now, it is the standard. Why wait for disaster to happen before doing the right thing, you can imagine that the loss of life and investment could have been averted or at least impact mitigated.
The same safety precautions are essential in organizations. A business owner who looks down on process safety will keep reinvesting in disaster and divert resources for growth on disaster management and compensation”.
Beri asserted that executing process safety is more important now in workplace where occupational hazards has it reached its apex, noting that ignoring such is to risk asset, environmental, and reputational damage.
According to the International Labour Organisation, ILO, occupational injuries entail major economic losses for enterprises and economies, contributing up to 5.4 percent of annual global Gross Domestic Product (GDP) lost.
In addition to kitting office premises with innovative safety gadgets, Beri enlightened that efforts must also be paid to building the capacity of employees on safety updates,how they can interface with equipment as the law requires, and inspection of safety facilities.
“This is why in addition to providing reliable and practical engineering and safety solutions, we also prioritise training at SCSP. our commitment to business profitability and continuity has sustained our huge investment in capacity building and safety education in public and private sectors across the region. This we deliver in line with global best practices and industry standards such as NFPA, ISO, OSHA, IBC, SABS, BS and Nigerian Fire Services.
“We try as much as possible to update our connections, including original equipment manufacturers(OEMs) on modern and best safety practices globally.
She also called for review of safety plans in organizations to be done at least quarterly or annually. This she said will help to discover changes in regulations as well as failings or problems with such plans.
She submitted that strengthened regulatory enforcement of codes and standards through constant checks and assessment of facilities would significantly minimize loss incurred to workplace hazards and disasters.
