An effective risk management oversight structure is crucial to support for risk management and Business Continuity Management (BCM) institutionalization across the organization. The Sustainability & Risk Management Committees (SRMC), sub-committees and Risk Champions are primary to this as the mechanism of endorsing risk management internalization throughout the entity that encourages the establishment of an effective line of sight, authority and clear demarcation of roles and responsibilities of both management and employees.
The Risk Management Council (RMC) was established to serve as the central platform to support Indorama Management Council (IMC), SRMC and Board in identifying and deliberating principal risks, drive risk governance, capability and culture. This in turn provides assurance on enterprise risk, crisis & business continuity management implementation to protect and create value for IVL.
The risk management report together with the risk mitigation plan are reviewed quarterly by RMC and sub-committees at the business segment and plant level. The committee reports to the Board periodically on its activities and evaluates its performance on an annual basis