Management Approach to risks
The Board is ultimately responsible for the governance of risk management across the Group. The Board achieves this through the Audit & Risk and the Finance & Investment Committees as well as independent divisional or subsidiary boards.
The responsibilities of each of the committees are provided on the Corporate Governance page. Our approach to risk management is structured on Enterprise Risk, Finance and Internal Controls Risk as well as Environmental Risk.
Enterprise Risk Management
Management of Enterprise Risk is based on effective leadership provided by the Board through Executive, Audit and Risk, and the Finance and Investment Committees. The Board reviews all material business and financial risks to provide sound decisions and targets for implementation. The Group uses the following instruments and approaches to risk management:
- Maintaining ISO 9001, ISO 17025 and ISO 22000 standards in some business units;
- Supplier and/or customer compliance audits;
- Safety, Health, Environment, and Quality (SHEQ) policies;
- Providing effective leadership to ensure all forms of risks are identified,
evaluated and monitored.
The Group continues to work with its companies to attain other Certifications and Standards where appropriate.
Financial and Internal Control Risk
The Group manages Environmental Risks by undertaking regular environmental and health inspections and applies internal environmental management procedures and standards to mitigate environmental impacts. The Group ensures compliance with the Environmental Management Agency (EMA) provisions and local authorities’ by-laws at all times.