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Systematic controls In 2003, SIG introduced a groupwide risk management system. Its overriding principle is that risk management is a core responsibility of management. The ten major risks throughout the divisions and the group were defined in dedicated workshops. Those risks are reviewed annually. Matter for the highest echelons of the group The risks were identified on the probability of their occurring, detectability and the likely related damage. Each of these ten risks is assigned to a responsible person, who initiates necessary actions and monitors their implementation. Progress of initiatives relating to core risks is discussed periodically by the Board of Directors. The risk management process is a matter for the highest echelons of the group. Representing the Group Executive Board, the COO maintains a close dialogue with Chief Risk Officer of the SIG group. Sustainability in risk management Sustainability aspects such as product safety, ecological innovations in research and development, or preventing fraud and corruption also play a role in the risk management context. Consequently, these aspects – together with all other risks – are integrated into the risk management process. |
