How are you managing the climate risk to your business?

Traditionally, business risk assessments include things like an interruption to the power supply, cyber-attacks, incapability of directors, loss of a major client and more.

If you haven’t already, you should add the climate emergency to your risk assessment, testing and updating it in the same way as the existing risks. You should consider:

•         Legislation – there is likely to be more legislation around climate issues, and these will affect the way you operate your business. Make sure you are up-to-date with your legal obligations.
•         The unexpected – how would your business continue operating if it was flooded? Or if you had to restrict your power supply? These events and others are more likely because of the climate emergency.
•         Your particular vulnerabilities – what is particular to your business that needs to be risk assessed? Talk to your team to see where they think the biggest challenges might be.
•         Costs – how much will you need to spend over the next 3-5 years – and beyond – to make sure your business is able to continue profitably?
•         Protection – check your insurance policy and any other cover you have, including terms of office rental agreements so that you are confident your business is protected.

Making your plans sooner rather than later means you can protect your business and the people who work there. It means you are building a reputation as a business that is serious about climate and is prepared to make the necessary changes to do things better. It will encourage customers to buy from you and build relationships with you for the long term.

To find out more about risk assessment for climate issues, and to see how you can make your business more climate-friendly in just a few simple steps, request a copy of our ‘Be Climate Confident‘ e-book today.

 

Please note: This is not meant to constitute professional advice. It is generic guidance only and things may have changed since it was written –please always seek specific & tailored advice for your circumstances.