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- W766762223 abstract "Railways are known for their safety and efficiency with a strong dependence upon rules, regulations, engineering solutions, technology and skilled employees. Integrating all these components in a complex transportation regime has always been a challenge. The use of lSafety Management Systemr (SMS) planning has become a foundation of rail safety with Transport Canada, the Australian National Transport Commission, the European Railway Agency, and will soon be incorporated into US Department of Transportation regulations. Currently, many transportation entities employ lsystem safety planningr to mitigate hazards through the application of engineering solutions and operating procedures. However, the long overlooked aspect of safety has been the lsofterr management and human factors issues that SMS brings into the railway safety equation and that pervasively drive the behaviour of an organisation, whether it is proactive or reactive. Absent from many SMS deployment efforts is the participation of the legal and financial hierarchy of the railway in its risk management and insurance programs which have not historically been a part of the operating departmentsr toolbox of safety solutions. This paper will address the need and value of integrating the risk management activities with the risk transfer normally found in the finance and legal departments into safety management system efforts. Managing the total cost of risk involves reducing all risks and thus avoiding losses, regardless of whether they are insured or not, along with the cost(s) to insure these risks. Many of the factors used by insurance underwriters to price the railwayrs exposures are the same factors used by the operations staff to internally measure risk and avert accidents. SMS provides a methodology for the involvement and commitment of the entire railway organisation, both operational and financial, to reduce the total cost of risk and potentially improve the financial results of the railway." @default.
- W766762223 created "2016-06-24" @default.
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- W766762223 date "2014-05-01" @default.
- W766762223 modified "2023-09-23" @default.
- W766762223 title "Reducing the total cost of risk across the railway organisation" @default.
- W766762223 hasPublicationYear "2014" @default.
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