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Reporting on Risk
Management Reporting on Risk
The Identification and managing of business and personal risks which may affect the success of our People, Clients, Company strategies and/or financial prospects for future years is an essential part of our governance framework.
Our Risk Management Approach
Our risk management approach allows for the ongoing assessment, monitoring and reporting of risks which can impede our progress in delivering our strategic priorities or affect the ability of our people to provide/deliver for themselves. HSEC Services has implemented a ‘Three Lines of Defence’ model, which facilitates clear separation of accountabilities between:
- First line: belongs to ‘Front-line’ management and staff in business operations - who are responsible for the day to day management of risks.
- Second line: is the responsibility of the Location Manager - who provide the ‘front-line’ with the framework, policies, methodologies, tools and assistance to embed risk management in the way they work within our business.
- Third line: Group Internal Audit - who provide independent and objective assurance on the effectiveness of our governance, risk management and internal control processes.
A critical component of our ‘second line’ of defence is our risk management framework which aligns with ISO 31000 Risk Management – Principles and Guidelines, the global standard for risk management.
We remain committed to continuous improvement in our approach to managing risks and ensuring that we maintain a strong, integrated risk and compliance culture.
Our Risk Management Policy
Our risk management policy defines our objectives, principles and accountabilities for risk management at all levels across HSEC Services.
Included in this policy is our definition of material business risks which we define as any type of risk that could have a material impact on HSEC Services, our people or our Clients. Material business risks are regularly reported to the Group Director along with their controls and treatments.
The risk management policy reinforces the risk management accountabilities of our Company Management. In summary:
- The Group Managing Director is responsible for reviewing our material business risks (MBRs), approving our risk management policy, overseeing our strategic risk management systems (including the framework for managing HSEC Services MBRs and other operational risks) and, in relation to the MBRs, monitoring management’s performance in implementing risk management responses;
- Our Group Managing Director, supported by the Location Leadership Team, is accountable for ensuring that our management implements an effective risk management and internal control framework to identify, manage and monitor HSEC Services risks.