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OHSAS or ISO affects organisation fanancial means because if standards practices in safety, and occupational health are ignored, this can lead to an incident which is very costly to rectify. It can cause the company to go into liquidation, bad image, claims settlements etc.. Example is oil spill from SPDC facilities in Ogunu Land Nigeria. Though the spill was caused by militancy and political issues which led to facilities abandonment, it is going the cause Shell billions of Dollars for clean up, claims and remediation.
OSHAS and ISO are the certifications which will help the company to move though certain path which will hel help the company to have high standard in the society and there by it will help the company to control each and every aspects that is carried over in the company.
The OHSAS 18001 and ISO 14001 standards provides a basic foundation or framework to built Management Systems specific to the organisation in other words it provides a set of requirements which should be met. They are not prescriptive on what and how your unique management systems should look like. If an organisation needs to benefit it has to focus on its Vision, Mission and Values and develop a management system including standards to achieve them, trying to meet the stated requirements of the standards may end up in having a certificate on the wall with no real benefit for the organisation nor does it prevent QHSSE or financial losses including reputation losses.
Of course yes, OHSAS 18001:2007 & ISO 14001:2015 has a significant effect on your business by financial means. Once your organization is set up with management system standards it makes further value to your company to quote mega projects/ make business with supreme client’s like Saudi Aramco, Govt. projects etc.
Some samples are here,
Financial benefits
Possible cost savings from public liability insurance premiums.
Decrease in overall cost of accidents.
Positive impact on the bottom line less cost incurred to cover long term sickness.
Yes, the Occupational Health and Safety System and the Quality System enhance the financial benefits of the applicable companies such as these systems, as these systems help to increase the quantity of production, change the behavior of customers towards the organization
The following example illustrates this type of evaluation. In 1998, a textile factory in Germany decided to introduce the integrated management system according to din ein iso 9001 and din ein iso 14001. When the management system was updated according to these specifications, (The rate of rejection and the second degree was simply reduced from 7% to 5% based on average production figures for the first five months of 2002, which provided raw materials (textile or cloth) 2,166 meters at a fixed rate of 1.02 euros per meter, which means that the use The above specifications provided the company with € 43,322 / month (approximately $ 47,000).
by imlementing ISO standard in organization, risk of life injury and risk of failures of machines may be minimized which results less breakdowns and increase productivity.
