Bell is committed to managing its business in accordance with sound corporate governance principles, which includes an effective and efficient approach to enterprise-wide risk management. The board is responsible for the governance of risk management within Bell and, as stated above, has delegated responsibility for this to the Risk and Sustainability Committee established in 2010. The enhanced focus on the group’s risk profile is achieved by the use of a comprehensive group risk management policy and framework. The policy and framework are periodically reviewed and are regularly communicated to employees with decision making authority.
Management’s responsibility in this regard encompasses an ongoing structured and multi-tiered approach to identifying, analysing, assessing, managing and monitoring risks and opportunities on an enterprise-wide basis. This ensures that the individual and joint impact of risks and opportunities on Bell are considered on a regular basis. Regular interactive risk sessions are held by the Group Executive Committee – these sessions focus on risk management and strategy, thus ensuring risk management is integrated into strategic planning.
Senior managers or “risk champions” periodically carry out self-assessments of the risks impacting the organisation. This process identifies critical strategic, operational, financial and compliance exposures Bell may be faced with, as well as opportunities that may be available to the group. The adequacy and effectiveness of control factors at those levels are also regularly tested and reviewed. The assessment methodology takes into account the impact or severity and probability of occurrence and applies a rating based on the quality of control effectiveness, thereby ranking risks and setting priorities. The identified top risks are elevated to the Bell Group Executive Committee. All identified material risks, their possible implications for the group and management’s action plans to mitigate and manage those risks are reported to the Risk and Sustainability Committee. The Group Executive Committee members are in attendance at the Risk and Sustainability Committee meetings to provide the committee with a comprehensive understanding of the risks and proposed mitigation plans.