When entering any contract, it is critical to understand your obligations fully to mitigate risk. This TT Brief provides a checklist that will assist warehouse operators in avoiding the pitfalls that could lead to unnecessary insurance claims or other disputes.
The associated losses of such incidents can be far reaching; water is unforgiving and has the ability to penetrate and damage just about any area or commodity. Flood water is inevitably dirty, which increases the likelihood of damage. Additionally, in many cases where local sewers have been flooded the water can be unsanitary which further elevates the seriousness of the damage and the risk to health.
With business transactions and communication handled almost exclusively online in today’s fast-paced digital environment, there is an increased risk of fraud, making due diligence more critical than ever. This document looks at the most common methods of payment fraud in the global supply chain and the preventative measures you can take to mitigate the risk.
According to Health and Safety Executive (UK) statistics, approximately 28,000 workers in the United Kingdom alone sustain non-fatal injuries at work each year. Slip, trip and fall incidents account for 32% of these injuries and being struck by a moving or falling object accounts for 11%. The average annual rate of fatal injury in the transport and storage sector is around twice the average rate across all other industries. Creating a safe and secure environment can not only reduce the risk of injury to staff but also reduce cargo damage and its impact on profitability. This TT Brief highlights good practice you should consider to reduce the risk of accidents in your warehouses.
While some accidents are out of your control, the vast majority are avoidable. The below strategies can help reduce losses arising from road traffic accidents.
Warehouse fires are devastating when they occur - which is far too frequently. The primary causes of fires include electrical failures or malfunction, hot works, maintenance related issues and poor enforcement of no smoking policies. Many incidents can be avoided entirely by periodic risk assessments, effective maintenance and training, enforcement of policy and good housekeeping.
Workers in the global supply chain can easily become victims of fraud as they conduct day-to-day business. Carrier fraud is becoming increasingly prevalent and sophisticated. Today’s digital business environment has enabled fraudsters to create fictitious companies, intercept legitimate business transactions and obscure their fraudulent activity more easily reducing their risk of getting caught.
When you rush, the risk increases. Even if it’s only a one-off transaction there may be something you find that requires further action to mitigate the risk.
