Nothing to be scared about.
People are running scared of the SMS - particularly in North America (and south of that border!) from what I saw there recently.
But really most companies should already have an informal SMS in existance. It's the sensible safe way of doing business.
One poster above has summarised it well - but to shrink that to a paragraph for those with short attention spans (and ironically who are usually the most vocal):
What the SMS is really about is recording the process that you (should) already undertake to stay safe, finding any gaps, and make sure it works and reviewing it. If you think that a SMS will send your company broke, then you should not be in the air.
It is nothing to be scared of Dick, and it will not send the industry broke. Of course there are people around who want to flog different products and have their own money making agendas, but they are not necessary.