WindarPhotonics AnnualReport 2018 All - Flipbook - Page 31
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Principal 4 : Embed effective
risk management, considering
both opportunities and threats,
throughout the organisation
The board needs to ensure that the Group’s risk management
framework identifies and addresses all relevant risks in order
to execute and deliver strategy; companies need to consider
their extended business, including the Group’s supply chain,
from key suppliers to end-customer.
Setting strategy includes determining the extent of exposure to
the identified risks that the Group is able to bear and willing to
take (risk tolerance and risk appetite).
A detailed analysis of the risks that face the Group are included
in the Directors’ Report which identifies the risks and measures
taken to minimise the identified risks, along with an assessment
of any changes to the potential risks during the previous
reporting period. In 2018 no changes to risks were registered
in the Group.
The Group formally reviews and documents the principal risks
to the business at least annually. Likewise, the executive
directors have agreed to act with risk-prevention in mind during
the daily operation of the Group.
The board is responsible for evaluating potential risks and meets
regularly to identify and review risks in relation to the ongoing
trading, and the Group’s budgets and forecasts. Likewise, the
Board considers risk to the business at every board meeting,
and both current and future potential risks are registered and
assessed during each meeting.
Windar Photonics - Annual Report and Accounts 2018
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