The business strategy is influenced in multiple ways at multiple levels, corresponding to the levels and ways that climate-related risk is assessed, and
aggregated at the highest level in the review of the company’s strategic Risk Management Register, which is reviewed by the Board. The risk
assessment processes described above lead directly or indirectly to a risk management process and action at the appropriate level. For example,
strategic policy, business, reputational or operational climate-related risks or opportunities identified by the line-managed functions will normally be
accompanied by recommendations for mitigating those risks, or taking opportunities. Where appropriate, those recommendations would then be
considered by the relevant executive committees. Adopted recommendations would then be implemented through a multitude of possible channels,
depending on the activity or process involved, either through consolidating a policy position into Group advocacy and communications; pursuing a
strategic business decision through Group or segment business strategies and plans; adopting a particular technology or technologies; or embedding new
operational practice into the Operating Management System (OMS).
The business strategy is influenced in multiple ways at multiple levels, corresponding to the levels and ways that climate-related risk is assessed, and
aggregated at the highest level in the review of the company’s strategic Risk Management Register, which is reviewed by the Board. The risk
assessment processes described above lead directly or indirectly to a risk management process and action at the appropriate level. For example,
strategic policy, business, reputational or operational climate-related risks or opportunities identified by the line-managed functions will normally be
accompanied by recommendations for mitigating those risks, or taking opportunities. Where appropriate, those recommendations would then be
considered by the relevant executive committees. Adopted recommendations would then be implemented through a multitude of possible channels,
depending on the activity or process involved, either through consolidating a policy position into Group advocacy and communications; pursuing a
strategic business decision through Group or segment business strategies and plans; adopting a particular technology or technologies; or embedding new
operational practice into the Operating Management System (OMS).
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