Preventing and responding to risks through knowledge and management.
Luxfer has a comprehensive, enterprise-wide risk management program in place that assesses, monitors, and mitigates risks that arise in the course of business. Consistent with our leadership structure, management has the day-to-day responsibility for assessing and managing Company’s risk exposure, while the Board of Directors provides oversight in connection with those efforts.
The Board reviews and assesses any identified risks on a regular basis and manages such risks in accordance with Luxfer’s Enterprise Risk Management (“ERM”) process. Board meetings regularly include strategic overviews by the CEO and CFO describing the most significant issues and risks affecting the Company. Additionally, the Board is provided regular updates from business unit leaders, Luxfer’s General Counsel, and other functional business leaders.
The Company’s ERM process provides Luxfer with a common framework that ensures consistency in the identification, reporting, analytics, and management of key risks. This process helps us identify key risk factors, evaluate their likelihood and size, and manage the effectiveness of controls in place to mitigate the impact of identified risks or the likelihood of such risks occurring.
Below, you will find our Group Risk Management Policy which ensures that appropriate decisions involving risks are made in a timely fashion throughout the Company. Employees are expected to integrate the principles contained in this Policy into their job functions as a means to minimize the overall cost of risk and encourage a culture of commercial risk awareness.