LXFR 19.56 -0.24
24 Jul 2021  15 :32 :04
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Risk Management

Luxfer has a comprehensive risk management program.

Luxfer has in place a comprehensive risk management program designed to ensure that significant and emerging risks are identified, assessed and managed effectively.

Internal Controls and Risk Management

We operate to established procedures to identify key risks, evaluate their likelihood and size and manage and assess the effectiveness of controls to mitigate the impact and likelihood of these significant risks occurring. Such a system can only provide reasonable and not absolute assurance against material misstatement or loss. Our procedures are reviewed on an on-going basis as considered appropriate and cover both financial and non-financial risks.

Below we describe Luxfer’s principal internal procedures for identifying, evaluating and mitigating risk generally and in certain specific areas.

Risk Management - Over the years the company has developed and implemented a Risk Management Process with the help of external advisors.

Our Risk Management Framework

  • On a self-certification and self-monitoring basis, with guidance from head office, local management create a written risk profile for their business by identifying and evaluating the likelihood and magnitude of their key operational, commercial and financial risks. At the same time action plans are developed to mitigate or where possible eliminate identified risks;

  • Individual business and divisional risk factors are consolidated to form an overall risk profile for the company;

  • To enable it to review the effectiveness of Luxfer's risk management and internal controls the Board receives an annual report from the Chief Financial Officer on major identified risks, the processes involved in their identification and controls in place to manage those risks;

  • Any major new risk to the company, arising or perceived during the year between reports, is identified to and reviewed with the Board at regular meetings;

  • Training is undertaken locally and on a company-wide basis to eliminate or mitigate certain identified or perceived risks that may affect Luxfer or a business where relevant;

  • There are a range of Luxfer and local business policies to manage specific identified risks.

 

Our Business Units

Magnesium- At the Heart of Medical Innovation
Magnesium- At the Heart of Medical Innovation

Magnesium- At the Heart of Medical Innovation

Luxfer MEL Technologies' magnesium alloys are used in a broad range of applications and industries. In healthcare, our award-winning SynerMag bio-resorbable alloy is a new product that is used to help patients requiring short-term implantable devices.

We've Had Their Backs for 50 Years
We've Had Their Backs for 50 Years

We've Had Their Backs for 50 Years

Luxfer is the most trusted name for high-pressure gas cylinders worldwide from life-protecting use in public safety and healthcare to making our environment cleaner with CNG storage on vehicles and in specialty applications.

Zirconium- A Cleaner World
Zirconium- A Cleaner World

Zirconium- A Cleaner World

Luxfer MEL Technologies' high-purity zirconium-based materials are used in a broad range of industrial processes. Our ISOLUX free-flowing powder, removes heavy metals and other contaminants from drinking water by its unmatched adsorption performance.

Saving Lives
Saving Lives

Saving Lives

Luxfer Magtech is the global leader in flameless heating technology, magnesium products, and specialty powders. Our customers rely on us for innovative solutions for countermeasure flares, combat rations, chemical agent protection, and disaster relief.

Setting the Industry Standard
Setting the Industry Standard

Setting the Industry Standard

Luxfer Graphic Arts is a global leader in magnesium photo-engraving plates, engraving metals and etching chemicals. Customers worldwide rely on us for magnesium alloys in plate, sheet and coil form for light-weighting, dampening and forming applications.

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