UNBOUNCE - EXAMPLE PAGE-REPORT-ENTERPRISE DOCUMENT-KINGSPAN - Flipbook - Page 54
Failure to innovate
Risk and impact
Failing to successfully manage and compete
with new product innovations, changing
market trends and consumer tastes could have
an adverse effect on Kingspan’s market share,
the future growth of the business and the
margins achieved on the existing product line.
Actions to mitigate
- Innovation is one of Kingspan’s four pillars to increasing
shareholder value and therefore plays a key role within
the Group.
- There is a continual review of each division’s product
portfolios at both the executive and local management level
to ensure that they target current and future opportunities
for profitable growth.
- This risk is further mitigated by continuing innovation and
compelling marketing programmes. The launch of the IKON
Global Innovation Centre in 2019 has served to enhance the
capabilities of the Group to innovate. Kingspan also has a deep
understanding of changing consumer and industry dynamics
in its key markets and continues to refine its omnichannel
customer centric approach, enabling management to respond
appropriately to issues which may impact business performance.
Climate change
Risk and impact
Kingspan’s products provide a solution to
climate change, particularly with respect
to reducing carbon emissions in the built
environment. Climate change is therefore
both an opportunity and a risk for Kingspan.
Climate risks within our business include
regulatory changes, substitution risk should
we fail to maintain our market leading
offering, rising energy or carbon prices within
our own operations or in our supply chain,
and physical risk to our operations or those
of our suppliers.
Actions to mitigate
Risks relating to climate change are managed through a multidisciplinary, and company wide, risk management process.
Examples of how climate change risks are mitigated include:
- Planet Passionate – following the successful completion of our
Net Zero Energy programme (our programme designed to reduce
energy consumption and generate on-site renewable energy),
Kingspan launched the next stage of our sustainability journey in
2020, our 10-year Planet Passionate programme, which includes
12 ambitious targets in the areas of Carbon, Energy, Circularity
and Water. This strategic agenda will enable significant
advances in the sustainability of both our business operations
and our products.
- Innovation – our innovation agenda is inextricably linked
with our Planet Passionate programme, helping us to drive
market leading products in the areas of carbon savings and
sustainability. Innovation is supported through ongoing
investments such as the opening of the IKON Global Innovation
Centre in 2019.
- Global Presence – Kingspan operates out of 198 manufacturing
sites across the globe, diversifying our physical risk from climate
change. We have also built relationships with a wide range of
global supply partners to limit the reliance on any one supplier or
even a small number of suppliers.
Innovation
50 - 51
Global
Planet Passionate
Completing the Envelope
