Managing risks and uncertainties is integral to successfully executing the Group’s strategic objectives and delivering long-term success. By understanding and managing risks, the Group creates greatercertainty and confidence for our stakeholders, employees, customers and suppliers, and for the communities in which we operate.
Identifying the Group’s risks
The objective of the risk management function is to make understanding risk and mitigation meaningful and relevant to the delivery of the Group’s strategy, acting as an enabler that helps make informeddecisions at Group and operational level. The Group identifies and assesses risks across all operations, markets and businesses. A consolidated list of these risks is then presented to the Executive Management team and evaluated to determine the principalrisks. These are then submitted to the Board for final review and approval.
Managing the Group’s risks
The Group assigns each risk to a category (strategic, operational, compliance, financial) and identifies the source of the threat (internal or external). The approach enables a better understanding of how the Group should treat the risk and provide the right level of oversight and assurance. The Executive Management team and risk owners are accountable for confirming adequate controls and that the necessary treatment plans are implemented to bring the risk within an acceptable tolerance level. The Group continues to monitor the status of the Group’s risk mitigation plans across the year and perform reviews of the Group’s risks which are presented quarterly to relevant forums.
For more information about principal risks and uncertainties and the Group’s risk management, please see page 44-49 in the Annual & Sustainability Report 2022 here.