Managing Risks to Better Drive Sustainability
By taking a strategic approach to risk management, we are better equipped to anticipate the direction and impact of change across our business. It also helps us connect our long-term vision and our sustainability principles so we can avoid barriers to success and actively pursue opportunities to achieve and maintain our sustainability goals.
Last year, we took several key steps to advance our risk management program, starting with establishing our governance framework, creating a Management Risk Committee to provide oversite to the Board and benchmarking our approach with other companies that have a similar risk profile. To gain valuable feedback and better understand our critical success factors, we developed an extensive, holistic approach to assessing strategic, operational, financial, legal, regulatory and compliance risks across our global business. We initiated regular risk reporting to better identify issues as they arise or better yet - before they arise.
- Formalize our operational risk management program to align with standards such as ISO and provide risk oversight to the Board Risk Committee
- Continue to monitor and prioritize emerging risks
- Advance our risk-aware culture by providing awareness and training
- Implement a centralized repository for ERM guidelines and documentation
“We’re embracing Enterprise Risk Management (ERM) as part of our core management philosophy and business strategy, so we can not only proactively focus on potential threats and opportunities but consider the environmental and social impacts tied to each of them.”
Chief Risk Officer