Riskology

Originally published by the Australian Institute of Health & Safety.


There has been a 47.5 per cent increase in primary psychological injury claims from 2019 to 2023 under Allianz Australia’s national claims portfolio.

These claims are also resulting in 29.9 per cent increase in average claims costs and 30.2 per cent increase in time loss, equating to some 655,000 days of absence in the Allianz portfolio alone, according to Brianna Cattanach, national manager for mental health at Allianz Australia.

Over the past 20 years there has been a shift in the focus of occupational or work health and safety risk management. Traditional occupational safety concerns focus primarily on physical hazards and we’re only now acknowledging the psychological and social aspects of risks in our workplaces.

In November 2023, Pan Software celebrated its 20th anniversary, marking two decades of groundbreaking innovation and remarkable achievements in the industry.

In today's dynamic business and political landscape, where risks are increasingly complex, Artificial Intelligence (AI) has emerged as a game-changer for the field of risk management. This blog explores the transformative impact of AI on risk management and reveals how it can benefit risk managers.

Global events of recent years have put non-financial/emerging risks into sharp focus for boards and directors. From an increase in cyber attacks and the impacts of COVID-19 to the heightened public awareness around workplace sexual harassment and climate change, organisations must now have a clear strategy and processes in place to manage the many emerging risks. 

In this article we look at the biggest non-financial risks that businesses are facing, explain why your board needs to pay attention to them and discuss what you can do to mitigate them.