Iluka maintains a whole of business approach to the management of risks, to allow both opportunities and threats to be identified and managed effectively.
Iluka’s risk management framework, aligned with the International Standard for risk management ISO 31000, sets out structured and systematic processes for the identification and management of risk in areas such as environment, injury, illness, reputation, stakeholder relations, compliance, financial and company objectives.
The Board, through the Board Charter, delegates responsibility for identifying and managing risks to management, who in turn are required to report to the Board on risks which could have a material impact on the company’s business. The Audit and Risk Committee assists the Board with regard to oversight of the company’s risk management practices. Key risks and how they are managed are reviewed by the Executive regularly and reported to the Audit and Risk Committee on a twice yearly basis.
Sustainability risks are identified, recorded and stored in operation and location-specific risk registers. Additional risks, and the escalation/de-escalation of risk ratings, are identified during audits and as part of ongoing operational activities.