We systematically identify and manage risk across all our business activities.

The Risk Management Policy sets the commitment, direction and intention of how we apply risk management. The policy is supported by a risk management framework which is aligned to the International Standard for risk management, ISO 31000.
 
The Board, through the Board Charter, delegates responsibility for identifying and managing risks to management. Management report to the Board every six months on those risks which could have a material impact on the company’s business. The Audit and Risk Committee assists the Board in overseeing the company’s risk management practices.

Through the risk management framework we seek to:

  • embed a culture of risk awareness by integrating risk management into business activities;
  • identify, assess and manage risks in a structured and systematic manner;
  • enable prudent risk taking in line with business objectives and strategies; and
  • establish and monitor appropriate controls in line with agreed risk tolerances.

We assess the consequence of risk across a number of areas including environment, health, safety, reputation, stakeholder, compliance, financial and company objectives. Pages 44 and 45 of the Annual Report provide further detail on Iluka’s key risks and mitigations.
 

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