Doing business inherently involves taking risks. By seeking to take balanced risks, we strive to be a successful and respected company. Risk management is an essential element of our corporate governance and strategy development.
We continuously strive to foster a high awareness of business risks and internal control, geared towards preserving our risk appetite and providing transparency in our operations. The Board of Management and the Executive Committee are responsible for managing the risks associated with our activities and, in turn, for the establishment and adequate functioning of appropriate risk management and control systems (see Statement of the Board of Management in the Leadership section).
Our risk management framework and risk appetite
Our risk management framework is in line with the Enterprise Risk Management – Integrated Framework of COSO and the Dutch Corporate Governance Code, and provides reasonable assurance that our business objectives can be achieved and our obligations to customers, shareholders, employees and society can be met.
Clarity on risk appetite, along with the boundaries that determine the freedom of action or choice, is provided to all managers and differs per objective area and type of risk: strategic, operational, financial and compliance.
For more information on our risk management framework, visit: www.akzonobel.com/risk-management-framework