{"id":177,"date":"2017-11-29T15:10:45","date_gmt":"2017-11-29T15:10:45","guid":{"rendered":"https:\/\/www.enka.com\/sustainability\/?page_id=177"},"modified":"2023-06-16T11:15:43","modified_gmt":"2023-06-16T08:15:43","slug":"risk-management-work-group","status":"publish","type":"page","link":"https:\/\/www.enka.com\/sustainability\/home\/ethics-compliance\/risk-management-work-group\/","title":{"rendered":"RISK MANAGEMENT WORK GROUP"},"content":{"rendered":"
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RISK MANAGEMENT WORK GROUP<\/h1><\/div><\/div>
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Mission<\/h1><\/div><\/div>
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Risk management is paramount among the issues which ENKA prioritizes in all its processes and activities, and the risk-based thinking approach is constantly encouraged by the ENKA Senior Management.<\/p>\n

The Risk Management Work Group (\u201cthe Work Group\u201d) has been established in line with a decision taken by the company\u2019s Early Identification of Risks Committee (\u201cthe Committee\u201d) at its meeting on 28th November, 2017 in order to ensure that the means of risk reduction are specified, and that identified risks are assessed and reviewed. The basic responsibilities of the Work Group include: conducting an effective risk management program throughout the company; determining the principles and methods on which this program is to be based; ensuring the continuous development of risk management as a corporate culture that reaches projects, units and individuals, and making sure that the risk monitoring function is performed effectively.<\/p>\n[\/vc_column_text][\/vc_column][vc_column width=”1\/3″]

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Scope<\/h1><\/div><\/div>
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The duties of the Work Group, which will operate under the Committee, comprise the following:<\/p>\n

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  1. To ensure that the company risk management program is managed and supervised by the senior management,<\/li>\n
  2. To guarantee that the risks and opportunities that need to be taken into account if the company management systems and the company\u2019s activities are to achieve the targeted outputs are identified,<\/li>\n
  3. To evaluate the effectiveness and efficiency of the risk management program and, by making recommendations to the Committee, to ensure that the company conducts an effective risk management program in accordance with the decisions of the Committee<\/li>\n
  4. To support and reinforce the functional effectiveness of the groups to be formed within the company and the projects for the conduct of programs which support the risk-based thinking and working approach at every level of the company,<\/li>\n
  5. To make sure that the risk management program has access to adequate resources by providing guidance, information and metrics to the Committee, in the first place, and to the Chairman of the Board and President and other corporate executives,<\/li>\n
  6. To make periodic assessments to evaluate the compliance of the risk management activities of the company\u2019s sub-units and to determine the areas in which processes need to be improved,<\/li>\n
  7. To advise the senior management about potential risks and opportunities prior to the taking of decisions on new investments or contracts,<\/li>\n
  8. To brief the Committee on its activities at least twice a year.<\/li>\n<\/ol>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row equal_height=”yes” css_animation=”fadeIn”][vc_column width=”2\/3″]
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    Objectives<\/h1><\/div><\/div>
    <\/div>[vc_column_text css_animation=”fadeIn”]Acting on behalf of the Committee and in accordance with the guidance and\/or decisions of the Committee, the Working Group:<\/p>\n
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    1. Identifies and\/or reviews internal and external issues that have a bearing on the strategic direction of the company and the risks and opportunities pertaining to these issues,<\/li>\n
    2. Identifies and\/or reviews the needs and expectations of parties related to the company and the risks and opportunities that may arise in consequence thereof,<\/li>\n
    3. Determines the risk reduction actions to be taken in response to corporate risks that have been identified and follows up on them,<\/li>\n
    4. Ensures that the risk management strategy and procedure is developed further in line with the business strategy of the company, the relevant conditions and legislation, and updated standards,<\/li>\n
    5. Assesses those risks that transcend the management authorities of the projects or units concerned, including; sustainability risks such as ethics and compliance, human rights, anti-corruption, climate change, biodiversity and natural resources, engagement with communities as well as talent management risks in addition to strategic, financial, operational, external environment and brand management risks,<\/li>\n
    6. Carries out activities to determine, evaluate and review sources of corporate and project risk in line with the requirements of the company\u2019s Standard Risk Management Procedure,<\/li>\n
    7. Reviews risk management performance at the corporate and project levels, brings about continuous improvement and keeps the Board of Directors informed,<\/li>\n
    8. Determines the programs to be implemented in support of risk awareness and risk-based thinking throughout the company, and encourages and reviews their implementation,<\/li>\n
    9. Determines the risk performance criteria and indicators to be used at the corporate and unit levels,<\/li>\n
    10. Prepares and reviews contingency plans for impact prevention or reduction in the event of the materialization of risks which are considered critical for the company,<\/li>\n
    11. Makes recommendations to senior management with respect to unforeseeable risks,<\/li>\n
    12. Identifies the opportunities that may arise out of the uncertainties considered during the risk determination process, assesses them and presents them to the Board of Directors.<\/li>\n<\/ol>\n[\/vc_column_text][\/vc_column][vc_column width=”1\/3″]
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      Operating Principles<\/h1><\/div><\/div>
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      1. At least two ordinary meetings of the Work Group shall be held per calendar year. When necessary, additional meetings shall be organized for the discussion of topics identified by the Committee, the Board of Directors or the Work Group Chair.<\/li>\n
      2. Prior to each meeting, information about the agenda will be distributed to all participants by the Work Group Chair, together with related documents.<\/li>\n
      3. The Work Group co-chairs will present current information on risk management activities and on their recommendations at meetings of the Board of Directors when requested by the Chairman of the Board and President.<\/li>\n
      4. The Work Group may meet extraordinarily in the event of an adjustment (such as a change in company strategy or amendment of legislation) which could directly affect the company\u2019s position, or the materialization of an unforeseeable high-impact risk.<\/li>\n<\/ol>\n[\/vc_column_text][vc_single_image image=”485″ img_size=”600×200″ alignment=”right” css_animation=”fadeIn”][\/vc_column][vc_column width=”1\/2″]
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        Membership<\/h1><\/div><\/div>
        <\/div>[vc_column_text css_animation=”fadeIn”]The co-chairs and senior members of the Work Group are appointed by the Committee from among the Permanent Members of the Work Group.<\/p>\n

        Permanent Members of the Work Group<\/u><\/strong><\/p>\n