Risk Management Risk Management Policy and Plans IRPC gives priority to coordinated enterprise risk management as an efficient and effective tool to address uncertainties arising from internal and external factors. This is to reduce the likelihood of and mitigate adverse effects of threats as the company strikes out in search of opportunities and sustainable growth. The company has updated its risk management structure with the appointment of Risk Management and Internal Control Committee, consisting of senior executives and chaired by the Chief Executive Officer and President. The Hedging Committee was also created to monitor and analyze market movements, hedge against price volatility and uncertainty of oil supply, raw materials, petroleum and petrochemical products, shipping rates as well as risks associated with financial transactions. In addition, the Board of Directors appointed the five-member Risk Management Committee to formulate policies, provide oversight for enterprise risk management to make sure the company’s principal risks remain within risk appetite. To inspire the confidence of stakeholders, the Risk Management Committee ascertains that IRPC risk management is in compliance with ISO 31000: Risk Management - principles and guidelines and COSO - Enterprise Risk Management, in conjunction with the Principles of Good Corporate Governance, Internal Control System, Business Continuity Management System, Anti-Corruption Guidelines, Sustainability Management, and Operational Excellence Management System. The company promotes risk management as an integral part of the corporate culture as well as instilling in its workforce a risk management mindset. Executives and personnel are expected to have good working knowledge and understanding of risk management systems relevant to their lines of work to achieve the set objectives. They start with identifying, analyzing, assessing and recommending appropriate risk management measures for approval by relevant committees. Such risk management activities must be closely monitored, updated, adjusted, and reviewed as needed. Risk management knowledge must be disseminated through all available channels within the company. The company currently promotes Governance, Risk Management & Internal Control, Compliance (GRC) to enhance risk management efficiency and reduce redundancy while ensuring risk management information is shared to maximize effectiveness. 101 Risk Management IRPC PUBLIC COMPANY LIMITED
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