Corporate responsibility report / Responsible brand - PKN Orlen
Corporate responsibility report / Responsible brand - PKN Orlen
Corporate responsibility report / Responsible brand - PKN Orlen
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<strong>Corporate</strong> <strong>responsibility</strong> <strong>report</strong><br />
/ KEY OPPORTUNITIES AND RISKS<br />
2.3. on the risk management policy and procedures which<br />
enable identification of respective risks, risk allocation<br />
Activities of <strong>PKN</strong> ORLEN are associated with high<br />
to respective owners, risk analysis in the Company’s key<br />
operational risks having influence on the continuity<br />
areas and recommending preventive measures. To support<br />
the system the Company performs internal reviews<br />
of the Company’s functioning, current supplies of products<br />
to the market or provision of services; regulatory<br />
(both with respect to internal procedures and the external<br />
risks, i.e. resulting from changes in the national and UE<br />
environment) relating to the Company’s most important<br />
legislation – in particular risks connected with mandatory<br />
business areas from the perspective of its current operations.<br />
Integration of the risk management system enables<br />
reserves, fuel quality, compliance with emission norms,<br />
implementation of the National Index Target; and financial<br />
you to implement a uniform approach towards risk management,<br />
which translates into an integrated approach<br />
risks originating from the financial market, associated<br />
with exchange rates or interest rates.<br />
to planning on the level of strategies, operational activities<br />
and internal control. The risk management system<br />
Risk management in <strong>PKN</strong> ORLEN is not restricted only<br />
responds to the needs of a broad circle of the Company’s<br />
to the oil industry, but applies to the broadly understood<br />
stakeholders who want to better understand a wide range<br />
area of macro-economic operations of the Company.<br />
of the risks facing the Company, so as to be certain that<br />
These risks result from internal factors, such as: strategic,<br />
those risks are properly managed.<br />
organizational, systemic and procedural assumptions,<br />
as well as external factors, i.e. macro- and micro-economic<br />
factors or legal regulations. Risks are defined<br />
on the basis of assessment of their quantitative and qualitative<br />
influence on the conducted business activities and<br />
the level of probability of their occurrence. Implementation<br />
of the integrated risk management in <strong>PKN</strong> ORLEN allows<br />
perceiving the existing risks not only as threats, but also<br />
as the opportunity to increase the Company’s value in all<br />
of its areas. Implementation of risk management policy<br />
is gradually being expanded to include the entire ORLEN<br />
Capital Group.<br />
<strong>PKN</strong> ORLEN has been actively implementing a risk management<br />
system which guarantees that business decisions<br />
are made in full awareness of current risks and that<br />
the Company is well prepared to respond to materialised<br />
risks, so as to minimise their possible impact on the continuity<br />
and possibilities of achieving the business goals<br />
established. The Company risk management is based<br />
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