We use a framework to manage the risks that could occur in our business. This ensures that we identify and understand risks, assess them properly and deal with them effectively.
We have tailored our risk management to enable our business objectives to be achieved by balancing risks and opportunities. At the same time, we’re committed to meeting our obligations to our people and the societies in which we operate.
We want to make our people aware of risk. But we also want to encourage a more entrepreneurial attitude towards the opportunities and rewards that can come out of it.
More specifically, our risk management framework gives us:
- The necessary insight into the risks facing the company
- A common risk language, making it simpler to communicate and take decisions
- Clarity about internal and external risk boundaries that determine freedom of action or choice in terms of taking and accepting risk
- A management review and reporting process to monitor the framework’s effectiveness
- A way of getting line management to report annually on compliance with this policy
- A clear accountability and governance structure regarding risk management.