Each quarter, the Board reviews the critical risks facing the Group, and validates the risk appetite. The group is committed to managing risk in a proactive and effective manner to remain sustainable and competitive, improving its operational effectiveness, and continually creating value to stakeholders. Day-to-day risk management falls under the responsibilities of assigned risk owners at each layer of management, and is strengthened through formal risk reviews conducted across all functional areas of the Group. Our risk management approach ensures that any changes in risk likelihood and impact are identified, evaluated and managed appropriately.
The risks that are vital to achieving our strategy are identified using a top-down and bottom-up approach analysing business functions, processes and activities that created the risks. The Integrated Risk Management (IRM) Framework is used to channel the IRM process.
Risks are analysed based on their potential impacts on the group profit, and the likelihood of the risk occurring. They are then categorised in the risk register and assigned an owner.
Mitigating actions are assigned to each risk. The relevance of these responses is overseen by the Audit and Risk Management (ARM) committee, and then presented to the Board. The risk owner is responsible for implementing the actions.
The risks are managed and monitored on an ongoing basis. Quarterly risk updates are provided to the Board. Detailed reports are provided to the ARM committee every 6 months.
1. Driving Growth
4. Enhancing Partnerships
2. Engaging Customers
5. Embedding best practices
3. Empowering our people
1. Driving Growth
2. Engaging Customers
3. Empowering our people
4. Enhancing Partnerships
5. Embedding best practices
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Since the first reporting in our Integrated Report of last year, and in line with our strategy review, the Heat Map classification table has evolved: 2 risks [ID1 & 2] have been completely eliminated, one [ID6] has its likelihood decreased, one [ID12] has its impact decreased and one new risk [ID18] has been added. The evolution of the risks, as well as the current 4 priority risks [ID4, 5, 10 & 18] are also emphasised on the Heat Map. The risks are assessed over the short-, medium- and long-term. The Heat Map below provides an overview of the assessment of the strategic risks considered from 1-2 years time horizon. The risks have been depicted utilising their residual rating (assessment of the risk after taking mitigating actions into consideration).
Hover on the Risk IDs icons for more information.
