Warringah Plastics is compliant with AS/NZS ISO 31000:2009 Risk Management Process.
This risk management policy has been developed for Warringah Plastics to achieve the benefits of the identification and management of risks to which it is exposed to. It articulates Warringah Plastic’s focus and commitment to managing all types of risk.
Warringah Plastics views risk management as an integral part of its day to day operations. This policy has the goal of:
• Providing for the conduct, encouragement, promotion and administration of manufacturing activities at Warringah Plastics
• Reducing the risk of all types occurring at Warringah Plastics and having sufficient procedures and contingencies in place to manage risks
• Promoting the observation, recording and treatment of opportunities to exploit areas of improvement or diversification
This risk management policy provides the framework to manage the risks associated with achieving these strategic goals. This risk management system is designed to identify, assess, monitor and manage risk.
Waringah Plastics senior management team is responsible for overseeing the establishment and implementation of risk management systems and reviewing their effectiveness. The role of senior management includes:
• Overseeing the creation, implementation and maintenance of its risk management system and its internal-control framework which includes information systems
• Establishing a risk profile and analysis and setting out both financial and non-financial material and/or strategic risks facing the company
• Reviewing risks on a monthly basis, including identifying new risks, changes to existing risks and retirement of previously identified risks which is done through a structured decision making process
• Who is responsible for risks in accordance with department or expertise
• Regular reporting of the status of risk items to senior management
• Appraisal of risk owners’ actions taken to manage risk and to correct unsatisfactory performance
• Internal compliance and control systems for the implementation of the risk management plan
• Compliance with regulatory requirements where applicable and industry best practice
To ensure risks are identified and analysed Warringah Plastics will:
• Define risks in the context of its strategic objectives
• Prepare risk profiles, including a description of the risks and the risk level and action plans used to mitigate the risk
• Regularly review and update the risk profiles of particular risks
Warringah Plastics will cultivate a culture of managing risk and all employees are responsible for managing risks including the implementation of risk action plans and adding them onto the risk register. Warringah Plastics has:
• Implemented a systematic process to assist in the identification, assessment, treatment and monitoring of risks
• Provides the necessary tools and resources to support the management of risks
• Regularly reviews and communicates risk management best practice
Warringah Plastics will assess the effectiveness of its risk management plan, through a structured continuous improvement processes. This will ensure risks and controls are always monitored and reviewed. This will include the appraisal of the actions of those responsible for managing risks.
Senior management will be adequately informed of significant risk management issues and the actions undertaken to manage risks on a regular basis.
Senior Management as well as the Risk Manager will review this policy as often as it determines necessary and will make any changes it deems necessary.
This policy will be available for viewing by any person on this website or a copy can be sent upon request.