Sandvik has adopted a systematic and integrated approach and management of risks which applies throughout the Sandvik Group. Policy statement 5.1 Enterprise Risk ManagementĮffective Enterprise Risk Management (ERM) supports management efforts to identify, measure, respond to, monitor, and report risks that affect the achievement of Sandvik’s strategic, operational and financial objectives. This policy applies to all entities within the Sandvik Group 5. This policy sets the minimum requirements related to risk management for the Sandvik Group. Specific advice from the applicable General Counsel should be sought as regards any such joint ventures.ġ) Life insurance and pension programs are primarily managed by HR and Group Compensation & Benefits. For the purposes of this definition, the governance arrangements for any joint venture (with a non-Sandvik company) shall also comply with the terms of this policy, with allowance for variations due to the joint nature of the entity. Means a company, corporation or other legal entity (a limited liability company or similar legal person) which is directly or indirectly controlled by Sandvik AB. A serious incident may cause major reputational consequences. Sandvik’s framework to manage risks related to the achievement of strategic, operational, and financial objectives.Īn incident causing permanent disability, fatality* or serious loss of time, serious damage to environment or business, loss of valuable information or property. Means all insurances not related to life or pension 1 Means all proactive measures taken to manage and mitigate Insurable risk. Local Insurance Solutions shall be maintained to fulfill local legal and regulatory requirements. Means local insurance covers and policies in each country standalone from the Global Insurance Programs. It has limited reputational consequences. No serious loss of valuable information or property. No major harm to someone’s life or health, limited or no business impact. A global insurance program is designed to, as far as different legal and regulatory requirements allow, provide global coverage for multinational businesses regardless of where the Subsidiary is domiciled.Īn event that has minor impact on everyday operations. Means all insurance programs that are managed by Group Risk Management. Some examples can include, but are not limited to, a damaging fire, natural disaster situations, environmental accidents causing pollution, security threats, terrorist acts or pandemics in the surrounding business environment. Could potentially be of major harm for the business with severe consequences financially, reputationally, to the environment or to people if not managed properly. It can happen unexpectedly or over time, but often demands immediate action. The business continuity management provides a framework for building organizational resilience and the capability for an effective response that safeguards the interest of its key stakeholders, reputation, brand and value-creating activities (ISO 22301:2012).ĭocumented plan that guides the organization to respond, recover, resume, and restore to a pre-defined level of operation following a disruption (ISO 22301:2012).Īn incident or emergency that threatens the viability of the business or, for other reasons, the normal organization cannot manage. Definitions Business Continuity ManagementĪ holistic management process that identifies potential threats to the organization and the impacts to business operations those threats, if realized, might cause. Below procedures supports this policy and further detail how risks are managed at the Sandvik Group.Ģ. Effective Risk Management supports management efforts to identify, measure, respond to, monitor and report risks that in different ways may affect the achievement of Sandvik’s strategic, operational and financial objectives. The purpose of this policy is to establish a systematic and integrated approach to risk management throughout the Sandvik Group.
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