While there’s not much point stressing over what we can’t control, it is our responsibility to move forward with our eyes wide open. That’s what I always kept in mind when I spent five years helping FM Global to develop its Resilience Index.
If any of your locations are in the path of any forecasted hurricane-force winds or heavy rain, follow your emergency plan and be sure to take these steps, if they can be done safely, to help mitigate damage.
If we have one job as CFOs, it's protecting the value of our companies. One of the most insidious threats to corporate value is sudden disruption from events like fire, hurricane, flood, earthquake or cyber attack—disruption that is ostensibly insured. We tend to be vaguely aware of this risk, but rarely do we put numbers to it.
CFOs are responsible for managing their organization's risks, and that responsibility is only expanding. Business risks are getting more complex and numerous every day, and finance chiefs are increasingly accountable to shareholders and directors.
Within the expected design life of the solar farm, there is a 20 per cent chance of it being hit by a cyclone that would cause significant damage to the solar panels. Standardised cyclone testing and national standards for all types of panels and installation configurations needs to be implemented.