ELT FocusActive SystemRisk MonitoringFunctional Business Reviews and ELT 1:1 Deep DivesRisk ManagementCommitteeAudit Supervisory CommitteeBoard ReviewBusiness Resilience systemsRisk management actions and accountabilities45The CCBJH Group’s business resilience program addresses the ways in which we manage risk and opportunity; protect our people and assets; enhance our capabilities to respond in a crisis situation; and the manner in which we transfer risk through insurance. To strengthen our approach, in 2021 we established the Risk Management Senior Group and appointed a Head of Risk Management (HRM) who reports to the President. Our enterprise risk management (ERM) program, based on the COSO framework and ISO31000, continues to be enhanced and provides the framework to drive business growth by promoting appropriate risk based decision-making, as well as the identification and response to foreseeable risks and business opportunities. In 2021, we focused on strengthening the integration of ERM into our corporate culture through the creation and delivery of training and awareness courses. We enhanced the visibility of risks and opportunities through monthly Executive Leadership Team (ELT) dialogue and senior manager participation in facilitated functional risk identification and review sessions. This was supplemented by the ELT members providing additional insights through focused one on one interviews with our HRM. Our risks and the associated mitigation and response initiatives are constantly evaluated. The Audit and Supervisory Committee are provided quarterly updates on the full program with the Board of Directors receiving bi-annual updates. The program is annually audited by our Internal Audit team against global best practice. The ERM program now 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 opportunities; and an annual evaluation of the type and amount of insurance we should purchase. In a hardening insurance market, our approach is influenced by the availability of insurance cover and cost, measured against the probability and magnitude of the relevant risks. A robust crisis management program with associated business continuity plans provides us with the capability to effectively respond to a crisis. These programs are subject to annual review with training provided to the leadership who are tested via simulation. Implementation of the Smart Risk ConceptIn 2021, we enhanced our overall ERM program by introducing the Smart Risk concept. This concept, step changes our risk management thinking by linking risk management to our growth mindset and it drives cultural change by empowering us to be innovative and take informed risks, in an agile way, in order to leverage growth opportunities. The cultural integration component is supported by a robust ERM framework, which is subject to annual review and enhancement as required. This boosts our speed in risk identification and management together with spotting and leveraging growth opportunities in a timely manner.Overall, our business resilience program is focused on enabling growth while protecting the business.ELT discusses risks and opportunities as part of regular business routines. Senior leaders undertake timely responses. External risk monitoring supported by regular discussions within The Coca-Cola system in Japan.Bottom up review through HRM facilitated sessions with senior leaders to identify risks and mitigations together with potential opportunities. 1:1 ELT deep dives provided top down evaluation.Annual detailed review and discussion by the Risk Management Committee to validate the key risks and implemented mitigations. Quarterly the HRM briefed the Committee on material risks, management actions, and processcompliance with the risk management elements of regulatory Code.Bi-annual briefings provided by the HRM ensuring full visibility of the business resilience processes.Our enterprise risk management process for the identification, review, management and escalation of both risks and opportunities was further enhanced in 2021 and integrates the best aspects of both ISO 31000 and the revised COSO frameworks. In 2021, this process incorporated the following activities: ERM Initiative in 2021Business Resilience Initiativeshttps://en.ccbji.co.jp/csv/risk/Business Resilience
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