OS Risk Management Committee

Transcription

1 Page 1! f 5 OS Risk Management Cmmittee Apprved by the Executive Cmmittee n Crdinated by: Risk and Insurance Management Department Human Resurces Department

2 Page 2! f 5! 1. Object This Organisatinal Standard specifies the missin, membership, respnsibilities and functining f the Risk Management Cmmittee. 2. Missin The missin f the Risk Management Cmmittee is t supprt and mnitr the definitin and implementatin f Galp Energia risk management strategy and plicy, in cllabratin with the Risk Management Department and the individuals respnsible fr the Cmpany s rganisatinal Units. 3. Members f the Risk Management Cmmittee The Risk Management Cmmittee is appinted by the Executive Cmmittee and includes the fllwing members: Chief Risk Officer Directr f the Internal Audit Department Directr f the Risk and Insurance Management Department Chief Financial Officer Other Executive Directrs and/r First-line Managers may participate in the Risk Management Cmmittee, depending n the issues t be addressed. The Risk and Insurance Management Department is respnsible fr prviding secretarial services t the General Risk Management Cmmittee. 4. Respnsibilities f the Risk Management Cmmittee The Risk Management Cmmittee is respnsible fr the fllwing: OS 001, published n

3 4.1 Mnitring verall risk levels; Page 3! f 5! 4.2 Ensuring that verall risk levels are aligned with the gals and strategies apprved by the Executive Cmmittee; 4.3 Evaluating and reviewing risk mnitring and cntrl measures jintly with the EC, especially the nes presenting highly variable risks. 4.4 Analysing and issuing an pinin n the Risk Management Plicy prpsal presented by the Risk and Insurance Management Department, t be submitted t the Executive Cmmittee; 4.5 Ensuring that all risks assciated with the Cmpany strategy and business plans have been adequately analysed by the Managers invlved; 4.6 Establishing and reviewing the list f mst relevant risks at Galp Energia, whenever required; 4.7 Analysing and issuing an pinin n the inclusin f risk management aspects in business gals; 4.8 Apprving the Annual Risk Management Reprt and frwarding the letter t the audit bard; 4.9. Prviding regular infrmatin n Cmmittee activities and decisins t the Executive Cmmittee. 5. Functining f the Risk Management Cmmittee 5.1 The Cmmittee shall meet at least quarterly. 5.2 Whenever a meeting is rganised, the respective ntice must be sent t all Cmmittee members at least eight days in advance f the date f the meeting. Ntices must include the lcatin, date and time f the meeting, attaching as well as the respective agenda. 6. Establishment and extinctin f Risk Management Subcmmittees 6.1 The Executive Cmmittee may establish r extinguish Risk Management Subcmmittees, accrding t internal r external factrs, in rder t ensure that the respnsibilities f the Risk Management Cmmittee are effectively fulfilled. The respnsibilities f each Risk Management Subcmmittee are defined n the ccasin f its frmatin. OS 001, published n

4 Page 4! f 5! 6.2 Risk Management Subcmmittees are cmpsed f the fllwing members: Executive Directr respnsible fr the Risk and Insurance Management Department; First-line managers, as required accrding t the issues addressed; Directr f the Risk and Insurance Management Department; Lcal Risk Officers 1 f the units invlved, as required accrding t the issues addressed. 6.3 Subcmmittees will functin similarly t the Risk Management Cmmittee, despite their temprary nature. 7. Prcedure 7.1 Unless any changes are made t these terms f reference, the meetings and activities f this cmmittee shall be gverned by the Cmpany s articles f assciatin and the internal standards applicable t business and cmmittee meetings. 7.2 The Cmmittee Secretary shall be respnsible fr prducing the minutes f all meetings, which will be sent t all Cmmittee members. 8. General Issues 8.1 The Risk Management Cmmittee, within the respective scpe f respnsibilities and under these terms f reference, is allwed t prcure independent external prfessinal advice, if deemed required fr the fulfilment f the respective respnsibilities. 8.2 The Executive Cmmittee will prvide all prfessinal supprt required by this cmmittee fr the fulfilment f the respective respnsibilities. 1 Individuals respnsible fr Risk Management in the respective business areas. OS 001, published n

5 Annex. Risk Gvernance Matrix Page 5! f 5! OS 001, published n