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Greenbank
It's also worth pointing out that by discouraging you from cycling for work, they also discourage you from cycling to work. This in itself is an increasing risk factor for the company. They're increasing the risk that, due to a diminished immune system you're more likely to take time off sick. However, unlike the amount of time that you might take off sick for a cycling related injury, periods of sickness are more likely to be a) persistent and repetitive and b) impact on your productivity during the times while you are at work.
That too can be described in the form of a risk assessment.
Also take a look at this:
http://www.theguardian.com/news/datablog/2012/nov/06/deaths-mortality-rates-cause-death-2011
If they are genuinely concerned about the risk to your health through cycling for work, they should also be proportionally concerned about things like your use of stairs while at work. The parallel response to this is that they ban the use of stairs while you're on the clock.