Risk intelligence and resilience
Alongside sustainability, Barloworld's risk aspiration is to deliver a risk-intelligent and resilient organisation.
Risk intelligence means having the ability to:
- think holistically about risk and uncertainty
- identify the right risks for reward (managing threats and capitalising on opportunities)
- speak a common risk language
- use forward-thinking risk concepts and tools to make better decisions
- create lasting value and ensure sustainability
- continuously learn.
Resilience means having the ability to:
- anticipate, identify and adapt rapidly to threats, vulnerabilities and opportunities
- operate under stress without failure for extended periods of time
- respond rapidly to contain the impact (i.e. severity/duration) of an incident/threat
- recover rapidly in a coordinated manner
- evolve to a higher state of resilience in response to changes in the environment, near misses and incidents through organisational learning.
Risk Management Framework
Our Risk Management Framework aids decision-making.
We don’t intend to eliminate all risk, rather we want our risk portfolio to be one that maximises opportunities and minimises adversity.
Our risk management, in line with King IV, ISO and, where appropriate, international codes of best practice, is aimed at enhancing value for our stakeholders and ensuring the efficient application of our Risk Management Framework.
Our Risk Management Framework has progressed whereby risk is embedded in our strategy setting and results in a strong governance framework.
|Risk Management Framework||Resulting in||Risk governance framework|
Risk-resilient strategy and appetite
Tone from the top
| Board of directors
Audit and risk committee
|Risk-resilient operating model
Risk-resilient maturity and reporting
|Group Executive committee
Group Risk and Insurance
Divisional management committees
Divisional risk managers
Business continuity management
(ISO and King IV)
Human capital department
Legal and compliance department
Risk and insurance department
Corporate affairs department
Investor relations department
We also view risk as leveraging opportunities.
Aspiration of delivering a risk-intelligent and resilient organisation.
Additional focus on our risk-bearing capacity and the quality of our control environment for all business risks.