and 2006 were 29% and 28% respectively.
• The annual cost of crimes against UK businesses is around £12.6 billion (this figure has increased by 20% over the last 5 years), with 59% of businesses experiencing at least one incident of crime in the last 12 months.
• Fraud is widespread and on the increase and cost UK businesses over £705 million in the first 6 months of 2008. Most fraud is carried out by senior or long-serving employees, with management fraud accounting for 46% of the total.
• Work-related road traffic accidents are the single largest cause of occupational fatality in the UK, with over 1,000 deaths a year as a result. Company car drivers are almost 50% more likely to be involved in a crash than any other driver, even allowing for their higher mileage.
• There were over 17,000 UK business failures due to insolvency in 2007 and 16,591 in the first nine months of 2008. Estimates for 2009 are around 19,100.
• Staff absence costs the UK economy over £13 billion per year, with over 170 million days lost to absence (over 10% of which are thought to be non-genuine). The average cost of absence is just over 3% of payroll.
• The failure rate for new businesses is high, with as many as 50% failing in their first 2 years.
(Sources: BDO Stoy Hayward, British Chambers of Commerce, Chartered Management Institute, Confederation of British Industry, Department for Communities and Local Government, Department of Transport, Experian, Health & Safety Executive, Royal Society for the Prevention of Accidents.)
Putting some time and effort into managing our risks is a worthwhile investment and makes good business sense. Ultimately, effective risk management could be the difference between the survival and failure of the business.
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