Raisio's risk management policy defines the objectives, principles and responsibilities of risk management. Raisio's risks fall into operational and strategic as well as financial and damage risks. Risk management is part of Raisio's day-to-day operations and decision-making.
Risk management is an activity that aims to identify and assess significant external and internal uncertainties that may threat the strategy implementation and achievement of objectives.
Objectives of Raisio's risk management:
- To identify and assess strategically significant risks.
- To take advantage of business opportunities in a risk-conscious way.
- To ensure business continuity.
- To ensure safe operations and products.
Damages caused by products with inadequate safety and related liability risks are a key issue in the risk management of the Group producing foods, food ingredients and feeds. Identified risks are eliminated, reduced, avoided and utilised to the extent possible.
Risk management is part of the Group's day-to-day operations. Special emphasis is placed on preventive action and its development. Each division is responsible for conducting its own practical risk management in line with the risk management policy and the Group's guidelines. Operative responsibility is held by the management of each division and function. The divisions survey and identify risks in connection with annual planning, among other things. The Group is prepared to operate in crises and for crisis communication.
External advisors are also used to develop risk management activities. Risk management function is responsible for the Group-wide insurance schemes. Their scope is assessed, for example, in conjunction with risk surveys carried out at company sites.
Risk management function reporting to the CFO coordinates, develops and monitors risk management. Similarly, the business controller functions report to the CFO in matters related to risk management. Divisions and service functions, such as financing, report on their main risks to the Group Management Team. Observations of internal control and business risks are reported to the Board as part of monthly financial reporting.