Risk Management
Social and environmental risks are now one of our seven business risk categories and are formally embedded in our enterprise risk management process. This guides our business processes, including annual planning, three-year business planning, and internal audit planning.
As a result, CRS decisions are becoming an integral part of our business decision making, our commercialization and capital management processes, our three-year business planning process, and our customer and supplier relationships.
Each member of the Executive Leadership Team (ELT) owns the appropriate risk category for their function and provides regular risk reports to the relevant Board committees. This helps us to build accountability; we have begun to include CRS in performance objectives and variable compensation for our ELT.
Further information on our material CRS risks related to water, energy and perceptions of our portfolio is included in our risk statement in the form 10-K, found in our Annual Report. We regularly consult our stakeholders on our CRS risks and our performance and practices to ensure that we are managing these to the best of our ability and are prepared for new legislation, risks and opportunities as they arise.