Martin Dow Group has set up a risk management framework in compliance with good industry practices. This risk management approach is based on a comprehensive risk assessment process that includes risk identification and management. The risk management approach also takes into account emerging trends (including threats and opportunities) identified by internal and external sources.
A risk management policy endorsed by the Chairman, consistent with ISO 31000 and COSO ERM standards, evidences the high-level governance of risk management at Martin Dow Group and the related roles and responsibilities at Senior Management level.
In this perspective, the Group depends on the following:
The Group assesses risks as part of the decision-making processes intended to evaluate business growth and sustainability. Risks are documented in the Corporate Risk Register. The Group uses following techniques for risk assessment:
The Group has prepared Business Continuity Plans (BCP) for all critical sites. A separate comprehensive Disaster Recovery Plan (DRP) is also in place for Group information assets. Martin Dow Group assesses risks as to their potential impact and probability of occurrence. Depending on the risk assessment, Group may adopt one or more of the methods suitable to minimize or mitigate the risk.