that were appropriate for and consistent with IRPC’s business plan under the supervision of the Hedging Committee and the Risk Management Committee. Operational Risk IRPC has implemented operational risk management, covering the production and auxiliary processes, which are of vital importance to the company, but at the same time may have an impact on all stakeholders, such as loss of production. Operational risk may affect the life and safety of workers on the company’s premises and pose threats to the environment, the communities, among other things. The company’s approach to operational risk management is as follows: 1) Prevented worker’s safety risk from accidents, impact of which may result in loss of life and property as well as affect the corporate image and operating results. IRPC has consistently campaigned for a culture of safety and strict enforcement of safety regulations. Raising safety awareness through One Day Safety at Work campaign, the company also introduced Process Safety Management and implement Incident Management System (idMS) to develop safety databases and analyze the root causes of adverse events, etc. 2) Enforced plant reliability to ensure high efficiency, smooth production processes, and prevent unplanned disruptions that may affect the delivery of products to customers as well as lessen impacts to surrounding communities. To minimize such risks, IRPC has continuously developed contractor management control, launched Zero Unplanned campaign, established an audit system on traceability of materials used in projects as well as safeguard mechanisms for the production processes to minimize potential damage from wear and tear and imposed rigorous Plant Health Check on machinery and equipment as well as vulnerable spots. 3) Controlled environmental risks arising from the emission of volatile hydrocarbons, such as carbon dioxide, benzene, etc., which may affect the health of workers and communities around the production complex, potentially leading to litigation or disputes. IRPC has established guidelines to reduce environmental risks by imposing enterprise-wide environmental management under ISO 14001 Environmental Management System, ISO 5001 Energy Management System along with strict compliance with current laws and regulations as well as future amendments and new legislations or relevant standards. 4) Risk of communities and society having different opinions the company’s operations, leading to complaints, litigation or disputes on even public protest. IRPC has taken measures, such as communicating and sharing information to promote understanding and build good relationships with surrounding communities. In addition, the company has made positive contribution to a society by operating its businesses with a high level of corporate social responsibility. 5) On business continuity risk arising from threats, such as natural disasters, cyberattacks or COVID-19 pandemic, that may disrupt operational processes, IRPC has developed the Business Continuity Management System (BCMS) in accordance with the international standard ISO 22301 Business Continuity Management System as a guideline for the creation of a Business Continuity Plan (BCP) for effective prevention of and recovery from disruptive events or emergencies, including annual business continuity drill. 103 Risk Management IRPC PUBLIC COMPANY LIMITED
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