Covid19 Risk Statement
1. BACKGROUND AND PURPOSE
This document has been produced to provide reassurance to our customers and suppliers that Speedy is proactively assessing and managing the potential risks brought about by the uncertainty of the Covid 19 outbreak.
2. RISK MANAGEMENT
Speedy has a well-established risk management framework through which the risks faced by the business are assessed by the Board on an ongoing basis. This includes an assessment of the internal control framework which is in place to mitigate those risks to ensure that these are effective in supporting the achievement of strategic objectives. The principal risks and uncertainties faced by the business are reported annually within the annual report and accounts.
Alongside our routine risk management activities, a detailed assessment of the risks faced specifically in relation to Covid 19 has been performed by Speedy management. This is based on current government guidelines.
3. STRATEGIES FOR RISK MITIGATION
Strategies for mitigating the risks have been defined and the specific actions for achieving these are already underway. These include:
- Product availability: Our BREXIT planning included forward purchase of CAPEX and increasing our spares stocks to provide continuous availability of our most popular product lines. These actions already in place provide short term confidence.
- People: We have implemented a Covid 19 policy for staff absence which builds on the Public Health advice. This policy balances our responsibilities to our colleagues’ welfare, our obligations to our communities and our business needs and aims to ensure continuity of service.
- Client service: Where clients have specific site control measures in place that exceed government guidelines, we will consider these and adopt where reasonable.
- Travel and meeting attendance: Speedy colleagues will not be travelling to meetings unless there is a business critical need.
4. FUTURE PLANS
Covid 19 will have an unpredictable impact on all businesses. We have appointed a senior management team to review our mitigation strategies on a routine regular basis. We will adapt our plans accordingly as more information becomes available or government advice changes.