MENTAL HEALTH RISK
A non-financial Human Risk
Mental health typically sits within the responsibility of Human Resources. However, financial institutions that are educated about non financial human risk
understand that anything that impacts the performance of its people and their internal state also has the potential to impact the performance of their institution.
The responsibility for mental health must therefore be shared not only by Human Resources but also with Risk and the Executive leadership team.
MENTAL HEALTH RISK AT WORK & THE LAW
The Work Health & Safety Act 2011 & WHS legislation require employers to protect both the physical & psychological health, safety & welfare of their people.
A WHS inspector will look for EVIDENCE that leaders are PROACTIVELY managing WHS risk from work related PSYCHOLOGICAL hazards.
" Mental health is everyone's responsibility...To achieve a mentally healthy workplace employers and workers should consider mental health in their management of key workplace risks, when they develop and implement policies and processes and in the education, training and support services they provide."
(NSW Mentally Healthy Workplaces Strategy 2018-2022,
Businesses receive an average return on investment of $2.30 - $4.00 for every $1 they invest in effective workplace mental health education and strategies.
NSW Mentally Healthy Workplaces Strategy 2018-22
MENTAL HEALTH RISK AT WORK - Facts & Stats
MENTAL HEALTH RISK & STRESS
" Stress is the 'health epidemic of the 21st century"
- World Health Organisation
"The stress mechanism is the main pathway mediating conditions such as depression and anxiety"
- John Medina, Molecular Biologist
"The median workers' compensation payment for mental health-related claims was $24,500 compared to $9,200 across all other claims between the 2008 and 2015 financial years."
- Beyond Blue