Risk Management Strategy, 2015 – 2018
Risk is defined as the uncertainty of outcome, whether positive or negative threat of actions and events. Risk can never be eliminated completely, so risk management is used to ensure that risks are identified and their consequences understood and managed in respect of the combination of likelihood of something happening and the impact that arises if it does happen.
This Strategy aims to achieve the following through implementing our Risk Management:
- operate an effective risk management framework that identifies risks and provides a structured approach to managing and monitoring risks at all levels of the business;
- embed risk management within our decision making and business planning process to facilitate better informed decision making;
- have a proactive approach to managing, anticipating and influencing events before they can happen;
- improve contingency planning;
- improve accountability and corporate ethics within the Group; and
- learn from actual and near miss events that arise.