The key to reducing the financial impact of accidents is to find where losses originate and manage them. For the first time ever you can produce this information with our new financial software line, easy-to-use map-based software tools from DNV Software.
Phast Risk Financial is based on existing risk technology currently available in DNV Software’s Phast Risk software. They extend conventional risk analysis calculations by linking with financial calculations. The impact of the full range of potential financial outcomes will be calculated, including:
- Impacts on people in terms of both injuries and fatalities
- Property damage in terms of both capital costs to replace damaged equipment and damage to other property
- Business interruption
- Inventory loss
- Environmental damage including clean-up costs, fines and impact on flora and fauna
- Plus many others (legal costs, loss of reputation, brand image, compensation, etc.)
Typical uses of this approach may include some or all of the following:
- Benchmarking operational risk levels
- Trending risk over time
- Comparison of risks for different operational conditions
- Demonstrating a culture of CSR (Corporate Social Responsibility) and adherence to the principles of triple bottom line (3BL) reporting
- Assessment of exposure to financial risks due to major hazards on process plants
- Evaluation of the relative effectiveness of different risk mitigation strategies for reducing exposure to financial risk
- A decision support tool for implementing cost effective risk reduction measures (e.g. using cost benefit analysis)
- Justification for reduction of insurance premiums and deductibles by demonstrating reduced exposure to financial losses
- A decision tool for venture capitalists
Benefits:
- Facilitate cost reduction in terms of losses and lower insurance premiums
- Calculate the financial benefit of mitigation measures
- Easily see which equipment types and processes pose the greatest risk
- Flexible user friendly map based tool
- Justifiable results based on validated technology from DNV’s Phast Risk software products