Our health, environment, safety, security and
sustainability principles focus on detection,
prevention, implementation, feedback and
improvement. We plan and establish objectives and processes necessary to achieve the required
and expected results. We then implement the plan and processes. Studying the actual results of implementation and comparing against the
expected results, we then take action on significant
differences between actual and planned results.
Finally, we analyze these differences to determine
their root causes and then determine where to apply
changes that will improve the process or results.
Identification and mitigation of risks is a
management responsibility. To facilitate this process, the Risk Advisory and Assurance Services
department (RAAS) provides the enterprise with a holistic risk framework and methodology for
quantifying risk and assessing management’s
capabilities for improving risk management. RAAS
also provides services via their internal audit
program that can provide assurance that risk
mitigations are designed and operating effectively.
Pursuant to this program, the RAAS department
works closely with management to perform annual
assessments, identify risks and evaluate controls
to ensure compliance with company policies
and procedures, as well as laws and regulations.
Management reviews the assessments and updates
with the Audit Committees.