Risk management
Risk management is an important part of the Enexis management model. Taking a broad perspective, it focuses on all facets of the company, from strategic and operational risks to the reliability of financial and other reporting, and compliance with laws and regulations.
Enexis has an approved risk management policy and Risk Management Governance. In the implementation of the Risk Management process, Enexis uses the COSO Enterprise Risk Management framework as a reference model.
*The COSO model is the international standard for Risk Management and internal control
*Responsibilities and organisational form
Line managers and project managers at all levels of the organisation are themselves responsible for identifying risks and taking measures. The Internal Audit & Risk department, the compliance officer, and security experts support them by quantifying, restricting and monitoring the risks. This decentralised responsibility is an essential element of the overall approach to risk.
A Risk Management Committee (RMC) has been set up at central level, which monitors the implementation of risk management policy. In addition to a delegation from the Management Team, the RMC includes experts in the field of risk management.
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*System of Measures
The system of measures for risk management comprises, apart from the Enexis Governance model, a large number of instruments, procedures, and control systems. For example, these include:
the Risk Based Asset Management system , for the determination of the maintenance and investment programme for the assets;
an annual stocktaking of the long-term risks (State of the Risk), coupled with the preparation of the strategic plan;
monitoring the total Value at Risk against the Risk Appetite, the effect of risks that is considered in the decision-making process and the preparation of annual goals, and
the Enexis Interne Control Framework, in which the line management is accountable for the control of the business processes.
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