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Risks related to property, business operation, human safety and projects take various shapes and forms, and can affect businesses, organizations and establishments in many ways depending on how severe these risks and their impact on the business are. Since regulatory interventions are rising, prosecutions are on the increase. Recent studies have shown that out of all prosecuted cases, more than 84% resulted in conviction. Insurance will not cover Directors, Headteachers and persons with overall responsibility for a facility from criminal prosecutions or personal fines resulting from regulatory breaches. As a result, they need to be proactive in identifying, quantifying, prioritising, improving and managing their risks.
- Have you had a comprehensive risk assessment of your business/facility?
- Do you know and understand the major risks and hazards and their whereabouts at your facility?
- Are you fully aware of their consequences and their effect on your business and your employees?
- Are they adequately controlled and managed?
- Have you had a comprehensive business interruption risk analysis or business impact analysis of your operations?
- Can you control ever-increasing insurance costs for property, business interruption and public liability?
- Do you operate a comprehensive and effective risk management program capable of delivering the required level of risk reduction and control?
- Do you have an active and comprehensive business continuity (BC) plan?
- Do you operate a comprehensive and effective business continuity management system (BCMS)?
- Is this risk management program or BCMS achieving practical compliance with your organization’s strategic objectives, your corporate governance requirements and those of regulators, insurers, stakeholders and customers?
- Is your risk management program being periodically independently audited by a qualified specialist consultant?
Recent events covering natural disasters such as the volcano ash from Iceland, the freeze-up conditions, earthquakes, severe winds, floods and woodland fires, other global events including the financial crisis and the swine flu pandemic, have all demonstrated the lack of preparedness of companies, organizations and even governments when faced with disruptive or even catastrophic events. The following questions are designed to help you self-diagnose the health of your business and assess your business resilience.
If the answer to all these questions is Yes, your business would be considered healthy and resilient. However, if the answer to any of the above questions is No, then we can help you redress the balance and achieve a good bill of health for your business, organisation or establishment that would ensure resilience in the face of disruptive events.