UNBOUNCE - EXAMPLE PAGE-REPORT-ENTERPRISE DOCUMENT-KINGSPAN - Flipbook - Page 52
BUSINESS & STR ATEGIC REP ORT
Risk & Risk
Management
As a leading building
supplies manufacturer
in a highly competitive
international
environment, Kingspan
is exposed to a variety of
risks and uncertainties
which are monitored
and controlled by the
Group’s internal risk
management framework.
Read more about
our global strategic
pillars on page 26
48 - 49
Overall responsibility for risk
management lies with the Board
who ensures that risk awareness
is set at an appropriate level.
To ensure that risk awareness is
set at an appropriate level, the
Audit & Compliance Committee
assists the Board by taking
delegated responsibility for risk
identification and assessment,
in addition to reviewing the
Group’s risk management and
internal control systems and
making recommendations to
the Board thereon.
The chairman of the Audit &
Compliance Committee reports to
the Board at each board meeting
on its activities, both for audit
matters and risk management. The
activities of the Audit & Compliance
Committee are set out in detail
in the Report of the Audit &
Compliance Committee on page 98.
The Board monitors the Group’s
risk management systems through
this consultation with the Audit &
Compliance Committee but also
through the Group’s divisional
monthly management meetings,
where at least two executive directors
are present. The risks and trends
are the focus of each division’s
monthly management meeting,
where their performance is also
assessed against budget, forecast
and prior year. Key performance
indicators are also used to benchmark
operational performance for all
manufacturing sites.
In addition to this ongoing
assessment of risk within the divisions,
the Audit & Compliance Committee
oversees an annual risk assessment
for the Group whereby each divisional
management team is formally asked
to prepare a risk assessment for their
business. This assessment involves
evaluating group-wide risks, as put
forward by the Board, and also
presenting additional risks that are
specific to their business.
While it is acknowledged that the
Group faces a variety of risks, the
Board, through the processes set out
above, has identified the principal
risks and uncertainties that could
potentially impact upon the Group’s
short to medium term strategic goals
and these are as follows:
