In preserving and creating value we proactively manage risks and capitalise on the opportunities in our operating environment, leveraging input from our stakeholders.
Recently, we faced various challenges, including the impact of both the COVID-19 pandemic and macroeconomic volatility on our business. We worked to mitigate these risks and focused on containing costs, easing pressure on the balance sheet and addressing environmental concerns to reposition the Group for a sustainable future. Changes in our operating context, strategy and operating model necessitated the revision of our Enterprise Risk Management framework, which aims to enhance our ability to respond to longer-term sustainability risks and bolster our resilience.
Our Enterprise Risk Management process
Our process, principles and practices help us deal with uncertainty by minimising any downside potential and capitalising on the upside potential of those issues that affect our business objectives. Our Enterprise Risk Management (ERM) process focuses on ensuring the adequacy, appropriateness and effectiveness of our key responses to mitigate potential significant business impacts and ensure that we deliver on our targets.
The ERM process is enabled through our risk management fundamentals which direct all risk management behaviours, actions and decisions and are implemented in accordance with our values. Integrated into day-to-day decision-making, these fundamentals provide the foundation of effective risk management.