The Company considers effective risk management and mitigation to be integral to our business operations. We encourage employees to have a positive attitude to risk and to understand the risks that are inherent in our business. As well as having the right tools and processes, effective risk taking requires the right culture and behaviours across our businesses.
Our risk management culture and processes meet world-class standards.
Thai Union Group was listed on the Dow Jones Sustainability Indices (DJSI) for the eighth straight year in 2021. Our world-class standards for Risk and Crisis Management received a score in the 100th percentile for the second straight year.
RISK MANAGEMENT CULTURE
The Company continues to embed risk culture through all levels of the business. Starting from the Companys Board of Directors (BoD), Risk Management Committee (RMC) and leaders promote and enforce consistent and effective risk management, making it part of our organizational culture. The policy, framework, guidelines and structure of risk management demonstrate formal communication.
BoD including executive and non-executive directors, RMC and leaders monitor, assess and are trained regularly on Group-wide Risk Management, key risks and emerging risks.
Employees are encouraged to have a positive attitude towards proper risk management from their first day with Thai Union. This is consistently reinforced throughout their time with the organization, such as through the new joiner program, risk management training, ongoing activities and internal news updates.
In addition, risk management is embedded in business planning, decision and execution. Examples of key areas include:
KEY RISK FACTOR AND EMERGING RISK
Thai Union Group is a global seafood processing company and its operating and financial results are subject to a variety of risks inherent in the seafood industry. The Company can prepare for many of the risks to mitigate any impact and/or minimize likelihood, however many of them are not within our control and could materially impact the Company’s operations, financial position or reputation.
Please click on Risk Radar for the descriptions of each risk, its potential impact, and mitigation plan in accordance with Annual Report