Managing Risks, Issues and Dilemma’s
Sustainability covers a wide range of activities. We have determined priority actions and issues, taking into account the views of our main stakeholders, and we focus our objectives and reporting on these.
Risk Management
Risk management is one of the essential elements of our company’s corporate governance. This calls for creating a proper balance between entrepreneurial attitude and risk levels associated with business opportunities. We foster a high awareness of business risks and internal control procedures, geared to safeguarding our risk appetite and providing transparency in our operations.
Our risk management process integrates environmental, social and governance issues. It involves Enterprise Risk Management workshops and self-assessments with management and project teams; risk consolidation; an overall assessment by the Executive Committee and review by the Supervisory Board. The major risk factors for our company and the risk management framework are presented in The AkzoNobel Report.
Business continuity planning and preparedness
Business continuity and emergency planning and crisis management processes are integral parts of our risk management processes. In addition to the Group plan, each business has its own well developed plans and processes, including training and regular scenario testing.
Issues and Dilemmas
Where there are specific ‘sustainability’ risks or issues of concern to stakeholders, like child labor, climate change and economic sanctions, we aim to be open about the way we manage them.
Therefore, we have issued statements that clarify our position in a number of difficult areas and explain how we should deal with dilemma situations.