RISK MANAGEMENT POLICY
Purpose
KISHU aims to maintain an appropriate system of governance and risk management applicable to all locations, business units and subsidiaries in order to:
- Implement a Risk Management System conforming to the International Standard ISO 31000 throughout the company;
- Clarify the roles and responsibilities of the Boards and Management within the KISHU company.
- Identify, assess and manage significant risks and opportunities.
- Maintain the integrity of KISHU’s assets, people, reporting and reputation.
- Comply with our legal obligations in the jurisdictions in which we operate.
Applicable To
This policy is applicable to:
- All KISHU employees.
- All third-party contractors, volunteers and consultants engaged by KISHU.
Definitions, Abbreviations and Acronyms-see ISO 31000:2018
Content
Risk Management
KISHU aims to achieve this through:
- Appropriate charters and terms of reference for the Board and Management groups which include their responsibilities to their various stakeholders.
- A Code of Conduct which recognises our responsibilities to stakeholders including but not limited to project sponsors, clients, colleagues, contractors, business partners, shareholders and the communities in which KISHU operates.
- KISHU core values, culture, practices and behaviours which value and reflect integrity, people, professionalism, partnership and purpose.
- Identifying and managing risks, issues and opportunities at team, project, business unit, subsidiary and corporate levels.
- Aligning controls, audit and review processes with the KISHU governance and risk management policy and framework.
- Application of policies, controls, and review processes to all business units and subsidiaries based on their internal and external context related to their business objectives and actively respond to internal/external context changes.
- Utilise historical data, current information as well as future expectation as input in risk management practices.
- Continually review and improve risk management policies, controls and processes based on lessons learnt and best practices.
Risk & Liability Management in Contract
In order to assure the transfer of risk in contract to the maximum possible extent KISHU requires the central clearance of all major commercial agreements by Legal and Risk Management in direct association with the project management team.
Risk Transfer through Insurance
KISHU understands that not all risk and liability can be treated through Contract Management or operational procedures. In the event, KISHU will transfer those risks, wherever possible, through Insurance.
Effective Management of Other Legal Matters
KISHU is committed to reducing its risk and liability through the effective management of other legal matters as and when they arise.