The Group Risk Committee has assessed the impact and level of control of Group risks and the findings were considered and noted by the extended Audit Committee in December 2016. It uses four main types of impact: economic impact, impact on people, impact on the environment, and impact on reputation.

The level of control of the risks was assessed by considering the following questions:

  • Are the mitigating/controlling actions defined?
  • Are the actions implemented, fully or partially?
  • Is the effectiveness of those actions monitored?

Each of these criteria has been rated on a four-level scale.

The criticality is determined by the combination of the risk’s two ratings (impact and level of control) at the time of the assessment.

In the chart below, the trend reflects the direction of each risk’s criticality, taking into account the implementation of mitigating actions in 2016, as well as external developments. Each key risk is sponsored and monitored by a Comex member.

Criticality

Risk

Trend

*

Emerging risk: newly developing or changing risks that may have on the long-term, a significant impact which will need to be assessed in the future.

High

Climate change*

Security

Transport accidents

Moderate to High

Chemical product usage

Ethics and Compliance

Information protection and cyber-risk

Moderate

Industrial safety

Environmental strategy*

N/A