The Applied Probability Society of INFORMS offers two prizes each year. One prize is the best student paper prize (started in 2017). One prize alternates between the Best Publication in Applied Probability Award (in odd numbered years) and the Erlang Prize for Early Career Applied Probabilists (in even numbered years).
Current Calls for Nominations:
Best Student Paper Prize

(left to right): Ahmadreza Momeni (finalist), Hongseok Namkoong (winner),
John Hasenbein (Best student paper prize committee chair), Renyuan Xu (finalist), Ziv Scully (finalist)
Best Publication in Applied Probability Award
- Recent Winners: (Tied) Siva Theja Maguluri and R. Srikant (2017) and Anton Braverman, Jim Dai, Jiekun Feng, and Itai Gurvich (2017)

(left to right): R. Srikant (winner), Siva Theja Maguluri (winner), Anton Braverman (winner), Itai Gurvich (winner), Jim Dai (winner)
The Erlang Prize for Early Career Applied Probabilists

(left to right): Amber Puha (Chair of APS Prize Committee), Mykhaylo Shkolnikov
(2018 APS Erlang Prize Winner), Amy Ward (President APS)

Neil Walton (2018 APS Erlang Prize Winner)
The list of current members of the Prize Committee
can be found here.