Risk assessment focus
Monitoring risk management at Haypp Group.
The overall responsibility for performance within sustainability lies with the Board of Directors. They determine the strategy for Haypp Group, and identify the risks based on recommendations from the management team. The Board of Directors are tasked with monitoring the risk management process, and are continuously informed about existing and recently-identified risks, as well as measures taken to limit risks. All functions are responsible for managing the risks associated with their plans, both centrally, as well as by individual staff members. The Code of Conduct helps to ensure a corporate culture that prevents unnecessary and avoidable risk-taking.
All employees are requested to identify and report events and circumstances that include risks. Existing and potential risks are discussed on an ongoing basis within the management team. To ensure that the responsibility is clearly communicated and understood, as well as the management team having the right tools for working with risk management, a policy has been developed and adopted in 2021, followed by internal dialogues and e-learnings. As part of the onboarding process, when joining Haypp Group, the Code of Conduct is not only reviewed but also something each employee is actively asked to acknowledge.
Each year, a risk assessment is made identifying significant risks that Haypp Group is exposed to. The identified risks, including probability and potential impact, connection with other risks, preventative activities and monitoring, are presented to the management team which in turn presents the risks to the Board of Directors. This process ensures that appropriate measures are taken to reduce, prevent and counteract unwanted risks.
Based on the outcome of the annual risk assessment process, strategies are developed to manage new and/or changed risks. Decisions about risk management may include that risks must be avoided, reduced, shared or accepted.
We govern sustainability the same way we govern everything else that is critical to the business. The evaluation of our impact on sustainability is a part of our ordinary business review presented to management, and handled accordingly. Sustainability risks are addressed with the same priority as financial or operational risks. The coordination responsibility for assessing sustainability risks works the same way as the annual risk assessment process. This ensures that ESG risks are managed in the same manner as other significant risks identified by the organisation.
Haypp Group has during 2021 also appointed a sustainability manager who is given relevant training in sustainability matters, especially those more common for e-commerce businesses.