Recognise and manage risk
SciGen is committed to the management of risk to protect its employees, assets, earnings, markets, reputation and the environment. The Board has implemented risk management procedures that aim to identify the sources of risk and loss, quantify the impact of these sources and control and reduce the risk through practical and cost-effective control measures. These procedures will be regularly reviewed and enhanced.
In addition, SciGen uses risk-financing techniques, including insurance, to reduce the financial impact of any uncontrollable or catastrophic losses.
The audit committee of the Board currently accepts the role and responsibility of overseeing the control of financial risk. The committee ensures that adequate internal controls and risk-financing measures are in place. These measures provide some protection against financial events.
In terms of more general risk management, managers in each country where SciGen employs staff are responsible for conforming to local occupational health and safety requirements. Given the relatively small size of the company and its geographic diversity, it is not considered useful to constitute a formal risk management committee.
Further risk policy development will be undertaken in consultation with the Audit Committee and Board as appropriate.
