Risk Management System
Risk management is the basis for building a resilient undertaking and complying with regulatory requirements. In the Śnieżka Group, directors who report directly to the Management Board are responsible for identifying and managing risks within their assigned areas of responsibility. In 2024, the parent company implemented the second stage of the enterprise risk management project called Mitigate and Grow.
The purpose of implementing the enterprise risk management system is to identify potential events and risks that may affect the Śnieżka Group, to maintain risk within established limits and to ensure the achievement of strategic and operational goals. Enterprise risk management covers activities at the level of the entire undertaking and individual business processes. It is a continuous process, subject to modifications and being the implication of the changing economic environment, the Śnieżka Group’s operations and changes regarding the impact of individual risk.
The implemented enterprise risk management project requires a systematic and transparent approach for all employees. The system introduces uniform rules for identifying, assessing, monitoring and reporting risks in all areas of activity. The project assumes a precise division of competences and responsibilities, in particular by assigning an owner to each identified risk.
In the first stage, the parent company Śnieżka, in liaison with external advisors, carried out a comprehensive analysis and assessment of risks in key areas of its operational activities (production planning, production, procurement, logistics and customer service). An IT tool for comprehensive management of this issue was also implemented. In the next stage of the project, risks in other areas of activity are being mapped, while in the final stage the risk management project will cover the remaining Group companies.
As part of the project work, a Policy and Procedure for the implementation of the enterprise risk management process were developed, the effective implementation of which allows the process to be carried out in a consistent and repeatable manner.
- development of risk assessment methods – monitoring the effectiveness of control mechanisms,
- development of the system towards on-going risk assessment, strategic risk assessment,
- further adaptation of the system to the guidelines contained in the Good Practices of WSE Listed Companies, a set of corporate governance principles issued by the Warsaw Stock Exchange,
- incorporating ESG risks into the corporate risk management system.
The Śnieżka Group systematically and strategically manages non-financial risks in its current operations. These risks include: operational, reputational, compliance, environmental and employee health and safety risks. The key documents related to non-financial risk management include:
- Śnieżka 2023 + Sustainable Development Strategy,
- Code of Ethics,
- Climate policy,
- Anti-corruption policy,
- HR policy,
- Quality, Environmental and Health and Safety Policy
- Mobbing prevention procedure,
- Supplier’s Code of Conduct,
- Failure Prevention Programme,
- Work Regulations in individual companies of the Group.
Following the risk analysis conducted in 2024, the Group identified risks that could affect its financial situation and performance. At the same time, it continuously monitors and mitigates key risks that could generate potential financial consequences or impact the Group’s business model.