“We consider the nature of the external operating context, and the views and interests of our stakeholders

Our risk management process comprises the following steps:

• Establishing the context: We consider the nature of the external operating context, and the views and interests of our stakeholders
• Identifying the risk: We establish both the source and cause of, and evaluate all possible consequences (see here)
• Analysing the risk: We identify and assess what this means for the achievement of our objectives (see here)
• Evaluating the risk: We determine the risk rating (by severity, exposure and frequency), identify the controls (both existing or new), and prioritise the risks
• Treating the risk: We consider all options to establish the most appropriate response for each identified risk.

Arising from this process we identify a set of objective-based risk assessments (ORAs) that cover approximately 80 of the most important aspects of the Implats business. Each identified risk, as well as its associated controls, has a clearly defined line management owner. This process is repeated and reviewed regularly, ensuring that the information remains relevant. All information is captured into the Group risk repository system that informs the Group risk profile. The Group risk profile is presented on a monthly basis to the Exco and quarterly to the board risk committee, which is separate from the audit committee. This approach allows for robust discussion regarding the materiality of the risk, its likely impact on the business in the short, medium and long term, and the necessary risk mitigation measures.

This process culminates in the identification of a prioritised set of Group strategic risks (see here). Collectively, these risks, along with the outcomes of our internal and external stakeholder engagement activities, and our assessment of market fundamentals, are used to identify our material sustainability-related issues. These issues are prioritised in terms of their impact both on the organisation and on our key stakeholders. They inform the nature of our Group strategic objectives , as well as the performance issues for monitoring and reporting material sustainability focus areas, through our structured internal risk management process, and with consideration to the views and interests of our stakeholders.