As part of our Internal Control and Risk Management System, Rai Way has implemented an Enterprise Risk Management system (ERM) in order to promote a risk management culture, both in terms of threat and opportunity. This is carried out following an integrated and inter-functional approach.
The ERM system aims primarily to identify, evaluate, and prioritise company risks, developing relevant response actions and supporting the management in the development of previsions and strategic decisions.
Our risk governance model is based upon an approach which:
- is business-oriented, as it supplies relevant information on risk factors, uncertainties, and opportunities, with a view to supporting conscious decisions taken to define performance objectives and monitoring strategies;
- is enterprise-wide, covering all types of risk and opportunity that could be potentially significant to Rai Way;
- is value-driven, focusing on the risks and opportunities with the greatest impact on strategic objectives and on drivers of company value.
Within the company’s management framework, an area of Enterprise Risk Management (ERM) has been assigned to the Chief Financial Officer in which they may apply a multi-disciplinary value to the management of risks to the company.