Risk Management ForumDeep DivesScenario PlanningRisks identified, assessed,and understoodAnnual Business Plan/Strategic Business PlanSystemComparisonsSmart Risk decisions made,and best practices sharedIntegrating Smart Risk into our businessELT MonitorBOD OversightLeadership and OversightSmart RiskCulture RiskGovernanceRisk IntelligenceOur Board of Directors has overall responsibility for risk management and sets the risk appetite of the business. They are closely involved in oversighting risks and the strategic response to them, and monitoring management actions to achieve its strategic objectives. In support, risk management is being firmly embedded within our everyday business activities and culture. Our Enterprise Risk Management (hereafter ERM) PDCA framework is based on COSO*1 and ISO 31000 and provides a framework Business resilience programto drive profitable growth by leveraging opportunities and promoting appropriate risk-based decision-making, as well as strong capabilities in the identification and response to foreseeable risks. Our business resilience programs are led by our Head of the Risk Management Senior Group (HRM), who as a member of the ELT*2 works in close collaboration with the function heads and risk owners across our business on the response to specific business risks. The HRM is tasked with maintaining a wide-angled view of all business streams for emergent risks and opportunities and through regular reporting ensures that risk visibility is provided to the ELT and our Board.*1 An abbreviation for Committee of Sponsoring Organizations of the Treadway opportunities; and an annual evaluation of the type and amount of insurance we should purchase. In a hardening insurance market, our approach to insurance risk transfer is influenced by the availability of insurance cover and cost, measured against the probability and magnitude of the relevant risks.Our risks and the associated mitigation and response Commission. An organization that issues global frameworks for internal control. *2 An abbreviation for Executive Leadership Team. Management organization in CCBJI Group including CEO and function heads. 59Managing Risk and Leveraging OpportunitiesCreating a resilient businessAt CCBJH we have implemented an overarching business resilience program that integrates the ways in which we manage risk and opportunity to enable profitable growth; protect our people and assets; enhance our capabilities to respond in a crisis; and the way we transfer risk through insurance. Enterprise risk management (ERM) systems and programThe ERM program incorporates a variety of elements that enable us to ensure alignment to our business strategies, objectives, and principles; drive integration in our strategic direction, ethics and values; link into the business planning cycle; continually monitor our internal and external environment for factors that may change our risk profile and create
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