Relais applies principles introduced in COSO Enterprise Risk Management – Integrating with Strategy and Performance – Framework. Leveraging risk management practices throughout the organization improves decision-making in governance, objective-setting, and day-to-day operations. It helps to enhance performance by more closely linking strategy and business objectives to risk. When accomplished, it provides Relais a clear path to creating, preserving and realizing value.
Risk management objectives
Relais Group’s objectives in risk management are to:
- Emphasize risk and awareness and proactive management of risks within the Group;
- Increase opportunities and reduce threats with the aim to gain competitive advantage;
- Ensure sufficient risk treatment through the organization;
- Manage risks as an integrated part of operations, planning and decision-making with defined roles and responsibilities.
Definition of risk management
Risk management is defined as the culture, capabilities, and practices, integrated with strategy setting and its execution, that Relais relies on to manage risk in creating, preserving, and realizing value.
Risk management framework in Relais consists of the following elements:
- Enterprise Risk Management Policy (this document) which outlines risk management principles applied in Relais Group, and supplemental guidance;
- Enterprise risk management process which brings a systematic approach to the whole Group to identify, assess and manage risks throughout Relais Group
- Risk reporting framework which consists of the results of the risk management process, and provides a consolidated portfolio view on the risk to the Relais Group Management, and the Board, and supports external reporting of the risks, when applicable.