About This Award
Some risks have the potential to destroy a business or at least cause serious damage that can be costly to repair.
ELIGIBILITY AND JUDGING CRITERIA:
Judging criteria includes evidence that demonstrates that business has consciously implemented risk monitoring and management policies or mechanisms in relation to structural, environmental, liquidity, public liability, financial, market risk or insurance coverage.
The judges would also look at business decisions been made that make this SME climate resilient to past, or current or future impacts of climate change.
Types of SMEs that can apply for this award:
- Examples of SMEs that can apply for this award includes those SMEs that identify and have treatment plans for:
- Physical Risks: identify risks that can cause fire or explosions to a building. Can mitigate risks by putting up exit notices and notifying staff of evacuation/emergency plans.
- Install fire alarms and smoke detectors.
- Install a sprinkler system to provide additional protection to the physical plant, equipment, and documents.
- Hazardous material risk is present where spills or accidents are possible. Can mitigate risks by providing employees with safety gear, provide training on safe handling of such items.
- Location risks would include hazards facing a business from nearby fires, storm damage, floods, hurricanes, earthquakes, and other natural disasters. Can mitigate risks by providing by informing staff of emergency procedures and/or having insurance cover for the business assets.
Technology risks would include power outages, telephone and communications failure that would halt business operations. Can mitigate risks by having a backup generator or providing emergency-use-only business cell phones to employees whose use of the phone or internet is critical to the business