Through a proactive approach to risk assessment and monitoring and a robust internal control system, the Group seeks not just to minimize risks to itself and its key stakeholders but to anticipate them and address their root causes. Several departements are involved in the Risk Management process, including Finance, Internal Control, Internal Audit, Compliance, Corporate Social Responsability and Legal.
Risk management is led by the Group Risk Committee, which is chaired by the Group Chief Financial Officer. The Risk Committee updates risk mapping, ensures that the corresponding prevention plans are established and implemented and, more broadly, ensures that risks are monitored regularly.
The Audit Committee is in charge of assessing the effectiveness of the internal control and risk management systems and informs the Board of Directors of the actions taken by the Group in this realm.
Our Risk Management process is split into four differents activities:
- Risk Identification through regular interviews with key stakeholders across the Group and external inputs (benchmark, peer reviews…)
- Risk assessment using surveys and interviews based on pre-defined scales
- Risk control with dedicated risk owners and follow-up on actions plan
- Risk monitoring with the use of dedicated Key Risk Indicators (KRI) to ensure timely identification of deviations.