Risk management at Pelion is focused on identifying potential events which might affect the Group’s operations, maintaining risks below pre-defined limits and ensuring delivery of the business strategy.
Risk management objectives are defined, classified and communicated on an ongoing basis. They are in particular:
Pelion’s risk management policy is based on the COSO II methodology. There are direct relations between the objectives (i.e. what Pelion intends to achieve) and components of its enterprise risk management (i.e. what is necessary to achieve them). Enterprise risk management is important for the entire organisation and its individual units. This is reflected in the third dimension of the cube containing Pelion’s organisational units.
In line with the COSO II methodology, such relations are presented in the form of a three-dimensional matrix (cube).
The Supervisory Board of Pelion S.A. (Audit Committee) supervises the enterprise risk management process. It assesses the risk management system for completeness in terms of policies and procedures related to supervision, risk aggregation and quantification, reporting and monitoring.
The Management Board of Pelion S.A. is responsible for enterprise risk management, including supervision and monitoring of measures taken, as well as effective risk response and transparent reporting lines.
The enterprise risk management process at Pelion is based on a model of three mutually independent lines of defence: