Risk assessment focus
Monitoring risk management at Haypp Group.
The Board of directors has the overall responsibility for the sustainability performance and determines the strategy for Haypp Group and the identified risks based on recommendations from the management team. The Board of Directors are tasked with monitoring the risk management process and is continuously informed about existing and new identified risks as well as the measures taken to limit risks by the management team. All functions are responsible for managing the risks associated with its plans, both centrally in the function as well as individual staff members. The Code of Conduct will help to ensure a corporate culture that prevents unacceptable 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 under 2020 and will be adopted in 2021.
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. Decision about risk management may include that risks must be avoided, reduced, shared or accepted.
Sustainability risks are addressed with the same priority as financial or operational risks. The coordination responsibility for assessing sustainability risks is the same function as the annual risk assessment process. This promotes that ESG risks are managed in the same manner as other significant risks identified for the organisation.
Haypp Group has also appointed a sustainability manager which appropriate training in sustainability matters for e-commerce businesses.