Sustainability Governance and Risk management
Sustainability Governance and Risk management
This means maintaining a sound decisionmaking process while fulfilling regulatory requirements and commitments, mitigating risks, strengthening our cybersecurity, and establishing and enforcing ethical standards – for our customers, suppliers, and our Company. Our robust Governance and Risk Management capabilities form the core of Nouryon’ s operations.
We drive transparency and accountability through continuous monitoring and audits to ensure all mitigating actions are completed. Learn more about Governance, Risk Managment and Task Force on Climate-related Financial Disclosures (TCFD) in our Sustainability Report.
You can find more information about our Board and its committees here.
We use an Enterprise Risk Management (ERM) approach, based on the COSO54 reference model, to identify potential risks and implement mitigation actions, enhancing decision-making. This framework covers strategic, financial, IT, legal, business continuity, and security aspects, ensuring ethical and responsible operations. Transparency and accountability are maintained through continuous monitoring and audits.
Our ERM approach helps us minimize risks and capitalize on growth opportunities, including those related to sustainability and climate. It guides us in managing strategic, operational, financial, and compliance risks while promoting ethical decision-making. This enhances our operational effectiveness, financial reporting accuracy, and legal compliance, reinforcing our reputation as a reliable business partner.
The Board oversees Risk Management and Compliance.
Climate change is among the most urgent challenges of our era, and the shift towards a net-zero-carbon economy presents significant risks and opportunities.
Our qualitative analysis encompassed both transitional and physical risks and opportunities, and it referred to leading climate models and scenarios. We utilized publicly available data from the peer-reviewed climate models of the United Nations Intergovernmental Panel on Climate Change (IPCC). We considered a variety of scenarios to pinpoint potential risks and opportunities for the Company. We assessed these potential risks over short, medium, and long-term time horizons, spanning our entire value chain – upstream, downstream, and within our operations. The results of this analysis are detailed in our Sustainability Report.
Climate-related Risk Analysis Findings
We integrate climate risks and opportunities into our business strategy, particularly when exploring new market opportunities and aligning investments with the transition to a low-carbon economy. This includes expanding sales into renewable energy markets, such as cables, wind turbines, and developing crop solutions to enhance yields and combat soil depletion.
Read more in our Sustainability ReportRelated content
