Customers, suppliers and shareholders understand the value of including the financial risks and business impacts of sustainability issues in risk management. Our compliance and business risk assessment and management process identifies and mitigates our most material environmental, health and safety and workforce-related risks.
Every business unit, region and corporate function participates in our annual enterprise-wide compliance risk assessment. Results are reviewed by the senior leadership committee. The business units establish coordinated mitigation plans, monitor progress and report biannually to leadership.
Our Supply Chain Management (SCM) group's risk management objectives are to:
SCM conducts quarterly risk assessments following a five-step process:
Our strategy focuses on solving our customers' most challenging power management problems through the use of our power management technologies and services. We actively monitor and manage the following risks and opportunities resulting from climate change:
We utilize our own energy-efficient solutions and best management practices to minimize risk. The realities of climate change also pose an opportunity and an imperative to achieve our vision of improving the quality of life and the environment. Our power management technologies (both current and future) provide climate management tools that allow our customers to prepare for inevitable regulatory changes and improve the environment through reducing emissions.
Our risk management processes include: