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Risk management

Petmin’s Enterprise Risk Management (ERM) process is aligned with the principles of the global risk management standard ISO 31 000: 2009, which has been adopted by the South African Bureau of Standards as SANS 31 000:2009.

Petmin applies a risk management framework that effectively manages risk in all aspects of its operations, investments and projects.

Petmin’s approach to ERM is linked to its corporate strategy. Understanding company strategies and the related objectives of each management layer is a prerequisite to accurately identifying and managing the associated risks.

It is important to recognise that change brings uncertainty. Petmin’s risk management process inherently recognises this uncertainty. Every time a change is considered, the range of associated uncertainties, or risks, are identified, documented and managed following a Board-approved and systematic process.

This approach links all the risks facing Petmin to its objectives and generates positive accountable risk management at every level within the organisation.

The diagram below illustrates the strategic risk management cycles advocated by Petmin’s ERM framework.

Risk Management

 
Related links
Integrated Report 2013