Grupa LOTOS S.A. - Integrated Annual Report 2012
In the LOTOS Group, an Enterprise Risk Management system has been implemented. We identify risks for the implementation of our strategic objectives along with process and operational risks. The strategy of dealing with the particular risks depends on our assessment of its importance for the company and for its environment. This assessment is done in the time perspective of the nearest year and until the end of the current business strategy. In our analyses, we pay particular attentionto the impact of the given risk on the security of people and the environment.
The system in place at the LOTOS Group supports fast, appropriate and informed decision-making based on prior risk analyses. The existing rules of risk identification and assessment allow us to promptly respond to threats and mitigate or eliminate them altogether. We have action plans prepared for particular types of risk. We also identify newly emerging opportunities and possibilities and strive to exploit them. Corporate risk management enables us to undertake the actions that best serve our business, while staying within acceptable risk limits.
In the LOTOS Group, we have identified dozens of risks, which have been assessed according to the methodology described in the Management systems chapter. Below, key risks from the point of view of our business activity and new risks which were not reported in previous years are described.