BAT is committed to embedding a risk management philosophy as part of its everyday working environment by continuously applying processes involving the identification, analysis, evaluation, treatment, monitoring and review of risks.
BAT acknowledges that risk management is an essential element for good corporate governance and good management practice improving decision making, encouraging positive outcomes and enhancing accountability.
Risk management processes are applicable to all business activities and ensure corporate goals and objectives are delivered efficiently and effectively. BAT recognises that risk is inherent in all areas of business and holds every member of BAT responsible for adopting sound risk management practices within their particular area of responsibility.
BAT projects and operations will:
- Provide a structured and consistent approach to risk management in which risks related to current and future activities are identified, evaluated, managed, reviewed and addressed.
- Comply with relevant legislation
- Maintain throughout all operations enterprise-wide risk registers with reviews bi-annually and when changes occur
- Conduct a thorough risk identification process in due diligence activities for new acquisitions
- Integrate risk management into the BAT culture
- Provide training in risk management philosophy and techniques
- Conduct auditing programs and implement reporting systems to ensure risks are being managed effectively.
By understanding and managing risks, BAT provides greater certainty for employees, sub-contractors and the communities in which we operate. With good risk management we are better informed, more decisive and can pursue growth and the creation of shareholder value with increased confidence.