Throughout the year we broadened and deepened our risk management practices across all aspects of our business including:
- Enterprise risk
- Anti-bribery and anti-corruption risk
- New product project risk
- Shared services risk.
To support best-practice risk processes, we expanded our dedicated internal risk function. This function is responsible for promoting and facilitating stronger engagement in risk management activities from identification to assessment, management and control.
A key focus was ensuring a strong targeted framework for COVID-19 resilience. Protecting our people and our business was critical and included infection prevention and control, crisis management and business continuity.
ENGAGEMENT WITH INTERNAL AUDIT
Our internal audit function was integrated into the risk and regulatory compliance function to better align with our strategic objectives and the functions of the IMDEX Board ARCC. Other notable achievements included:
- Additional capability and systems to support internal stakeholders in managing and resolving internal audit findings; and
- Stronger links between risk management, regulatory compliance, quality systems, information security and the internal audit functions to ensure that the function is risk-based, proportionate, and focused on adding value to our business.
We strengthened our regulatory compliance framework and improved the compliance maturity of our global IMDEX businesses. Our aim was to embed procedures and contact points in daily business processes. Other achievements included:
- Significant investment into new systems and processes for compliance risk management, compliance tracking and action management;
- Expansion of our internal capability with the goal of supporting a consistently high level of regulatory compliance performance across all jurisdictions; and
- A 3-year strategy update to strengthen our regulatory compliance maturity, processes and systems in consultation with global IMDEX businesses, the IMDEX XCo, IMDEX Board and external stakeholders.
We were pleased to publish our first Modern Slavery Statement in FY20. As part of this process, we engaged a broad range of stakeholders within our business to strengthen modern slavery awareness and risk management practices.
When preparing our Modern Slavery Statement, suppliers comprising 98% of our annualised spend were subject to a risk assessment. Other initiatives included:
- Implementation of a targeted audit program on high-risk suppliers; and
- Development of a three-year strategy to strengthen and enhance our risk management strategies for modern slavery, child labour, and other forms of forced labour in the IMDEX global supply chain.
Our FY20 Modern Slavery Statement can be found on our website here.