6 - Vicat

4RISK FACTORS4.6. Risk managementIt works in accordance with an annual audit plan intendedto cover the main risks identified within thecompany, in particular those relating to accountingand financial information.The audits are the subject of reports submitted tomanagement, General Management and the AuditCommittee. These comprise summary reports intendedparticularly for Managers and detailed reportsdesigned inter alia to make the operationalstaff concerned aware of any findings and proposedrecommendations.In addition, the Internal Audit department undertooka risk identification and analysis study. After identificationof the risks through discussions with theGroup’s key operational and functional managers anda subsequent analysis phase conducted in conjunctionwith General Management, this study enabled amapping of the risks to which the Group is exposed.4.6.2. Risk hedging and insurance policyThe Group has subscribed to “Group policies” withleading insurers. These policies are intended tocover foreign subsidiaries, subject to compliancewith local legislation.To improve the protection of its assets, the Grouphas made, with the assistance of insurers and experts,an analysis of the risks and means of prevention.The Group undertakes an identical policy forrisks related to its civil liability.private or public transport by road, sea or river of itsgoods or other property.4.6.2.2. Civil liabilityExcept in the United States, the cap of the guaranteeunder the civil liability insurance policy was € 100million. All foreign subsidiaries (except in the UnitedStates) are insured by the “Group policy” once thewarranty and amounts of the compulsory local policiesare exhausted.In the United States, given the specific nature of therisks, in particular, in terms of accidents at work,automobile civil liability, general civil liability andproduct liability, the Group’s subsidiaries have an insurancecover amounting to US $ 200 million.The guaranteed payouts under the civil liability andproduct liability insurance policies are subscribed,both in France and abroad, in amounts consistentwith local activities and economic considerations.The risk of environmental civil liability is taken intoaccount in each country.The Group’s managers and corporate officers, as wellas beneficiaries of powers of attorney are insuredunder a “corporate officers” civil liability insurancepolicy, the purpose of which is to deal with the pecuniaryconsequences of claims made by third partiesfor defaults engaging their personal civil liability,either individually or collectively.4.6.2.1. Property damageThe Group’s assets are insured against fire risks,explosion, natural events and machine breakages.A policy covering risks related to operating losseshas been subscribed for the cement and paperbusinesses.The Group’s large industrial sites are inspected regularlyby safety engineers. The implementation of theirrecommendations is covered in a schedule relatingto, for example, the standardization and storage ofstrategic equipment fire detection and prevention,as well as integrated prevention at the design stagefor the new sites.The subscription of a guarantee of € 150 million perincident, including operating losses, results from astudy of possible incidents.The entire Group also benefit from conventional insurancepolicies for its motor vehicle fleets and for20 VICAT 2010 registration document