Gearbulk Integrated Report 2023 - Report - Page 46
GEARBULK
RISK & OPPORTUNITIES
OVERSIGHT –
RISK & OPPORTUNITY
As Gearbulk is a global organisation, it naturally faces a variety of risks in its
operations. Risks are categorised and allocated to a risk owner, who is then
accountable for assessing the risk and putting mitigation controls in place
to reduce the risk to an acceptable level.
The risk management function is a centralised function, and
mitigating controls are monitored to ensure that the risk does
a risk report is produced and provided to the Board of Direc-
not increase. Risk management is deemed a core element in
tors on a quarterly basis. For new investment decisions, the
the organisation, and a risk register is maintained to ensure
risk owner is responsible for assessment, identi昀椀es potential
that all risks are appropriately documented. As part of our
risks and evaluates them as needed with the relevant division
journey opportunities arising from risks are to be assessed
prior to the decision-making process. The top ten risks are
and included into our strategy process.
discussed during each Board of Directors meeting, and all
RISK MANAGEMENT PROCESS
46
Identify
Analyse
Evaluate
Treat
Monitor
the risk
the risk
the risk
the risk
and review
STEP 1
STEP 2
STEP 3
STEP 4
STEP 5
Identify risks that
Once identi昀椀ed,
Risks need to be
Every risk needs
Not all risks can be
the business is
risks are analysed
ranked and
to be eliminated
eliminated - some
exposed to in
and the scope of
prioritised.
or contained as
risks are always
its operating
the risks must be
much as possible.
present.
environment.
determined.
PART 2 – OUR BUSINESS IN CONTEXT
