The most common and most likely answer to this crossword clue is the 7 letter word RIBBAND
I've seen this crossword clue in Independent
R
I
B
B
A
N
D
More clues leading to the result RIBBAND
Buddy explains!
The straight part
We know that "award for achievement" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case award for achievement = ribband.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.