Audit and Risk Management Framework

Risk is an unavoidable aspect of value creation. However, effective and timely risk management can mitigate risks to acceptable levels and maximize the identified opportunities.

The Board of Directors is ultimately responsible for ensuring that risks are managed within the risk appetite it has set, and for reviewing the adequacy of risk management practices and internal controls.

Our approach to risk management is a continuous process of analyzing and managing the opportunities and threats that can impact on both immediate operational performance and long-term value creation.

We classify risks into external and internal. External risks relate to those over which we have little or no control, such as the broader macroeconomic environment and the markets in which we operate. We have more control over our internal risks, which relate more to the Group’s operations, such as a breakdown in our internal procedures, mechanical issues with production equipment and non-compliance with applicable laws and regulations.