The Board accepts that taking and managing risk is central to building shareholder value and the Board is responsible for the Group’s risk management strategy.
Management is responsible for implementing the Board’s strategy and for developing a control infrastructure designed to identify and mitigate risks across operations.
The Company has implemented a Risk Management Policy that includes a risk framework with a detailed, structured approach to systematically identify, rank, mitigate, and monitor risks. This effort, led by the Governance, Risk & Control (GRC) function, is additive to ongoing risk management responsibilities that all employees engage in as they accomplish their daily tasks according to Company requirements. The Company maintains a risk register and material risks are regularly reported on and discussed with management, the Audit & Risk Committee and the Board. Further details of the Company’s approach to risk identification and management are outlined in its Corporate Governance Statement.
The Company employs executives with the requisite experience and qualifications to enable the Board to manage the risks to the Company. The Board has requested the Audit and Risk Committee oversee the Group’s risk management processes and procedures.
The Group’s identification and management of business risks is set out in a Risk Management Framework which is based on AS/NZS ISO 31000:2009 and the COSO standard used in the US. Key features include:
- a framework under which the Company can categorise the risks that are faced by the Group
- the likelihood, consequence and potential impact if the risk were to eventuate
- the residual risk faced by the Group given the existence of appropriate controls
The risks faced by the Company are diverse and vary significantly in terms of the likelihood of the event occurring and the consequence of such an event. Each specific risk is identified in the risk register and allocated to a member of the Corporate Executive Committee (CEC). They are managed through day-to-day operations and compliance with appropriate, tailored standards and controls.
Mayne Pharma strives to provide a dynamic, rewarding and safe place to work and is committed to acting with the highest ethical standards and in strict compliance with the law. To achieve this there are important standards and rules that all Directors, executives and other employees must be aware of and follow.
The Company’s Business Code of Conduct covers a broad range of matters and refers to actions and behaviours that support the Companies values, vision and objectives.