We have an Integrated Risk Management System (IRMS) that allows us to man- age risks from a preventive perspective and devise strategies to minimize them. The IRMS is underpinned by our General Risk Policy, which sets out our risk appe- tite and helps us specify the company s strategy, always adhering to the princi- ples of precaution and anticipation. Our Basic Integrated Risk Management Regu- lations lay down the basic principles and commitments established in the General Risk Policy.
The Risk Control Operating Committee ensures that the IRMS uniformly meas- ures risks across the organization and responsibilities are established for mon-
itoring and managing risk within the framework of risk appetite approved by the Board of Directors in the General Risk Policy.
Our risk map is a visual representation of our exposure to risks, their impact on the company and the likelihood of them arising. This risk map sets out 15 of the most important risks to which we are ex- posed, classified into four major groups: strategic risks, financial and market risks, operational and infrastructure risks, and regulatory and compliance risks. Further information on each risk is provided in the company s Consolidated Management Report.
3.3 RISK MANAGEMENT & OPPORTUNITIES
Medium high risk
Medium low risk
1. Geopolitical and Regulatory risk 2. Operational Safety 3. Refining margin 4. Compliance 5. Cybersecurity 6. Large projects management 7. Litigation & Arbitration 8. Emerging technologies & digital
transformation 9. Commodity price 10. Oil & Gas reserves 11. Exchange rate 12. Market competition and
Demand evolution 13. Local communities 14. Talent management 15. Credit risk
MAxIMIZATION OF VALUE
5 9 11 13
332018 ANNUAL AND CORPORATE RESPONSIBILITY REPORT
AF_CEPSA_IARC19_ENG_V9.indd 33 17/5/19 11:43