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Annual report 2017

Annual report 2017

Supplements

Risk management

Risk Management & Internal Control

We take a balanced approach to managing risk and seizing opportunities to deliver on our strategic goals.

The aim of our risk management system is to identify the main issues that could impact our business and manage or mitigate them to an acceptable level wherever possible.

The primary source of risk and opportunity identification lies within the business units. Similarly, each business unit is responsible for mitigation of its own risks. Mitigating actions are systematically reported corresponding to the respective strategic objectives and identified risks. Specific corporate departments are also tasked with managing and mitigating certain risks under the auspices of the Executive Committee. These risks cover Group-wide elements that extend beyond the purview of individual business units. These include environmental risks, financial risks etc.

Specific internal control mechanisms have been developed by business units at their level of operations, while shared operational functions and corporate services provide guidance and set controls for cross-organizational activities.

Managing risk effectively

We understand that key risks to our business might also offer unique opportunities for us to grow and create value.

Regulatory and legal context

Umicore is exposed to the evolution of the regulatory and legal context in the countries and regions in which it operates.

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Sustainable and ethical supply

Some of our raw materials are comparatively scarce and require very specific sourcing strategies.

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Technology and substitution

The choice and development of innovative materials and processes represents the biggest opportunity and risk for Umicore.

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Market

Umicore is sensitive to any major demand growth or market disruptions in the sectors and regions we serve.

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Metal price

Umicore's earnings are exposed to risks relating to the prices of the metals which we process or recycle.

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Talent attraction and retention

Attracting and retaining the right people is key in enabling Umicore to fulfill its strategic ambitions.

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