Managing risk to build a solid future
Risk in an integral part of every corporate activity
It is the possibility that the occurrence of an event may influence achieving our objectives. It impacts on operations, image and economic and financial figures.
For us managing risk means:
Understanding risk and opportunity factors
to take well-informed decisions
Reducing the volatility of preset goals
to increase performance sustainability
Creating a competitive advantage
to protect the Group’s value
Our model
We believe that integrating the risk management model into key decision-making processes is a factor for success.
We have therefore developed an integrated approach which is recognized as an example of best practice internationally.
Our model is based on the typical stages of Risk Analysis & Management processes:
Distinctive characteristics
- Widespread and shared awareness of the risk profile
- Confidence in own ability to achieve the goals
- Integration of risk culture into decision-making processes
- Making whole organization responsible
- Conformity with the laws on transparency and market disclosure
- Coherence of objectives and strategies with risks taken on
A widespread commitment
The whole organization must contribute proactively into risk management.
This means that the Enterprise Risk Management (ERM) division has a key role in coordinating and supporting the management of the business units, providing methodology, monitoring, an opportunity for discussion and ensuring uniformity in the Group's approach.
Each business unit is, however, directly responsible both for the identification and assessment of the potential factors and for definition of response strategies. A culture of risk management which, therefore, permeates the whole organization and guides strategic decisions.