Risk management and risks
Poor economic growth, loss of market share, failure to identify new technologies, foreign exchange risks, loss of employee knowledge, quality problems, supplier and customer insolvencies, criminal acts, data losses and natural disasters are risks that could threaten our corporate success.
Risks have to be identified early on in order to be able to initiate suitable measures for minimizing or eliminating these risks. Our risk management system, which is being evolved from year to year, is of key importance in this connection. We are proud that our risk management system is not only being documented but is, first and foremost, being lived. The Management Board, our executives and staff perform their duties with an enormous sense of responsibility. A risk coordinator was appointed in 2002. He will regularly conduct risk analyses with the corresponding employees and compile timely reports. Moreover, he will initiate and monitor proper execution of adopted risk avoidance and containment measures, as well as expansion of the system. The objective is to heighten the awareness of everyone in the Company and to involve and commit them to implement the measures that have been adopted.
Risk reports are submitted to the Risk Committee, which comprises the Management Board, department heads and the risk coordinator, for information and decision. Known risks are categorized and assessed. This assessment is followed by a plan of action for minimizing risks. In the future, all department heads will be required to comment on risk development on a quarterly basis. The purpose of the risk inventory is to identify new and unknown risks early on.
Risks and action
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T +49 6441 802-1346
F +49 6441 802-1365