Risk management in 2018

Risk management is a company-wide activity, under the responsibility of the Board of Management and Executive Committee, which ensures we focus on the areas of major risk exposure.

During 2018, we held a significant number of enterprise risk workshops across the organization. The number reflects the maturity and complexity of the organization. The identified scenarios are prioritized by responsible management teams and functional experts, with adequate mitigating actions being defined.

We also launched several important initiatives, coordinated by a Transformation Office, to support our Winning together: 15 by 20 strategy. We recognize the inherent risks associated with the multiple changes in the organization resulting from these initiatives. We have therefore defined the necessary actions to mitigate these risks and are supported by our Risk and In Control department in our ongoing assessment.

Our initial focus is on risks that may impact achievement of our strategy in the next three-to-five years (medium-term risks). We also recognize relevant risks beyond this five-year horizon (long-term risks). Both risk categories feature in this chapter.