Risk management
We aim for a productive balance in our strategic choices and operations between growth and returns and the associated risks.
We use an internal control system throughout the organisation that gives information on the achievement of our targets, identifying and controlling risks in a structured way. We aim to identify bottlenecks and resolve problems promptly.
Our internal control system is in line with the COSO Enterprise Risk Management framework. We identify business risks, assign a priority to them and where possible take steps to cover or reduce them. In this we identify strategic and operational risks, financial risks and risks relating to reporting and compliance with legislation and regulations.
Based on our assessment of the risks we are exposed to and the design and operation of the control framework, in our opinion there is a reasonable degree of assurance that there are no material inaccuracies in our reporting of financial risks.
In the Risk Management chapter of our 2010 Annual Report we provide a detailled descriptions of the risks associated with our business, and the way in which we manage them.