As we all look forward to spring and to enjoying some warmer weather, the changing season is a good time for businesses to review their risk management practices. Whilst economic pressures will be front of mind over the next few months, it’s also important to consider how seasonal-related risks may impact businesses.
Whilst spring can bring us some improved weather conditions, this time of year can still mean heavy rainfall and an increased risk of flooding. Climate change is forcing us to deal with unexpected weather changing patterns more and more. It’s important for businesses to equip their business with up-to-date resources so that they can mitigate against weather-related damages and business interruption.
Aviva’s recent Risk Insights report data revealed that 56% of businesses cited economic concerns as one of their top three risks, up from 37% in the previous year. Relating to supply chains and energy costs, vulnerabilities in global networks have been exposed due to the global events of last year and this continues to play a role in 2023. In fact, 45% of companies reported supply chain disruption, 38% are experiencing significantly higher supply costs and 16% have experienced total supply loss in the last 12 months.
Understanding the resilience of a business’s supplies and suppliers helps in being able to provide the product or services as expected. Business resilience planning is fundamental to finding weaknesses in a supply chain and acting upon them, which ultimately helps to maintain customer sentiment, brand reputation and business continuity.
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If you are concerned about how this affects you and your business and would like support in assessing your needs, we are here to help. Please do get in touch for confidential advice and guidance.
This article was adapted from an article by Aviva which can be found here.