One significant advantage of the new ISO 45001 standard will be the potential to realize significant cost saving initiatives. In fact, some experts suggest that ISO 45001 will become a profit center. Investments in Safety and Health will contribute to the company's profit margin! ISO 45001 combines elements of ISO 9001 and ISO 14001. As a result, when fully implemented, companies should expect to see a reduction in non-productive time. Additionally, as ISO 45001 will take a very proactive approach to abating hazards before accidents occur, companies can expect other benefits such as improved morale, better productivity, improved quality, and a much safer work environment. A full implementation of ISO 45001 will make available the following cost saving initiatives:
Lower Probability of Potential Civil and Criminal Liability.
Positive Impact on Corporate Culture.
Improved Production and Quality.
Increased Profitability Resulting in Enhanced Competitiveness.
Increased Ability to Meet Legal and Regulatory Requirements and Avoid Governmental Penalties.