金沙贵宾会骗局「诚|信」

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        Contact

        Risk Management

        As a group with operations in different parts of the world, Gränges is exposed to various risks and uncertainties. Gränges’ risk management process entails to identify, assess and reduce risks related to the Group’s business and operations.

        Market risks

        Market risks are managed and controlled by the corporate functions and by the regions in accordance with established guidelines and procedures.

        Risk description and consequence

        Macroeconomic conditions, technological transformations and industry dynamics are factors that impact demand for Gr?nges’ products.

        Light vehicle production is an important driver of Gr?nges’ sales as customers in the automotive industry account for around half of Gr?nges total sales volume. During an economic downturn, there is normally a decline in vehicles production, which can reduce demand for aluminium products used in vehicles.

        The electrification of the automotive industry is accelerating and is driving demand for new solutions and components for cooling and heating. Although Gr?nges is well positioned to benefit from this development there is a risk that other technologies will emerge over time and that Gr?nges’ current and future technology become outdated.

        Dissatisfied customers can adversely affect the company’s profitability and market share and may also pose a reputational risk.

        Risk mitigating activities

        • Global presence: Gr?nges’ global presence on three continents balances the shift in demand throughout the economic cycle.
        • Continuous monitoring: Gr?nges continuously monitors the development in different markets, and proactively assess external risks and opportunities that may influence the company’s strategy and operations.
        • Diversified portfolio: A more diversified product portfolio reduces Gr?nges’ cyclicality and reduces the company’s dependence on the automotive industry.
        • Research and innovation: Extensive R&I enables Gr?nges to continue to develop advanced materials and solutions to meet new demands.
        • Customer collaboration: Gr?nges works closely with customers in product development for future applications to ensure a continued high quality and adherence to customer requirements.
        • Global customer satisfaction surveys: Gr?nges conducts global customer satisfaction surveys to track customers’ perceptions of the company and its products.

        Risk description and consequence

        Supply chain risks mainly relate to social, environmental and ethical risks in Gr?nges’ supply chain. Mismanagement of these risks may lead to undesirable effects on the supply of input materials for Gr?nges. It can also lead to reputational losses.

        Social supply chain risks and human rights violations are mainly related to indigenous rights in the extraction, mining and smelting activities. Extractive activities also carry a risk of forced and child labour, although there are few reports of this in aluminium mining. Health and safety risks are present throughout the value chain.

        Environmental supply chain risks mainly occur in mining activities where there are risks related to water consumption, leakage, noise from heavy vehicles, air emissions, and significant alterations to the landscape due to open-pit mines. It can also contribute to biodiversity loss, increased carbon emissions, and soil erosion. Further, refining and smelting activities are very energy- and water-intensive processes and much of the energy comes from hydroelectricity which is a renewable source but has other environmental impacts.

        Corruption risks are mainly linked to mining approvals, regardless of the country’s level of economic development or political system. A few countries in Gr?nges’ supply chain are deemed to have a higher risk for corruption, according to Transparency International’s Corruption Perceptions Index for 2019.

        Risk mitigating activities

        • Supplier Code of Conduct: Gr?nges has a Supplier Code of Conduct which all significant suppliers are requested to sign. The intention is to increase awareness and improve transparency of responsible and sustainable business practices in Gr?nges’ supply chain. By signing, suppliers declare to observe all applicable laws and regulations, including the ten principles of the UN Global Compact, and to promote the implementation of these principles in their own supply chains.
        • Supplier assessments: Gr?nges periodically assesses supply chain sustainability performance and risks and makes sure that suppliers adhere to the Supplier Code of Conduct. The purchasing teams use different tools for such assessments, including supplier score cards and site visits at suppliers.
        • Updated responsible sourcing programme: Gr?nges has during 2019 updated its group-wide responsible sourcing programme which will be implemented starting from 2020. The company plans to regularly screen its supplier base and identify potential risk suppliers through evaluating suppliers’ environmental, social, and corruption risks in different sectors and countries. Suppliers assessed as having potential sustainability risks will be invited to perform a sustainability assessment. Gr?nges will use the results from the assessment to decide how to manage suppliers and improve supplier performance through for example on-site workplace audits.

        Risk description and consequence

        Energy price risks relate largely to changes in energy prices that can adversely affect Gr?nges’ operating profit. Gr?nges is mainly exposed to price changes in electricity and natural gas, but the price of other energy commodities may also affect Gr?nges’ operating profit directly and indirectly. Long term changes to market prices will eventually affect Gr?nges’ operating profit if changes are not automatically transferred to the customers.

        Risk mitigating activities

        • Hedging and delivery agreements: Gr?nges uses hedging and delivery agreements to secure future energy prices and supply. Financial hedges and physical fixed-price contracts may be used up to two years before delivery.

        Risk description and consequence

        Political risks relate mainly to changes in trade legislation or sanctions against individual countries or organizations where Gr?nges or its supply chain has operations or market activities. Gr?nges’ production sites are located in Sweden, China, and the US, and its customers are located in around 40 countries. Markets and operations are affected by the political and economic environments within and between these countries. Political risks affect Gr?nges’ ability to meet the demands of its customers.

        Risk mitigating activities

        • Continuous monitoring: Gr?nges closely monitors political risks, particularly regarding legislation for cross-border trade.
        • Flexible production set-up: Gr?nges has production sites on three continents which implies a flexibility to transfer production and re-route supply flows should political changes have a negative impact on the current setup.


        Operational risks

        Operational risks are managed and controlled by the corporate functions and by the regions in accordance with established guidelines and procedures.

        Risk description and consequence

        Production disruption risks are connected to sufficient input materials which Gr?nges is dependent on, mainly primary aluminium but also recycled aluminium, alloying elements and indirect materials. Insufficient supply would imply that Gr?nges cannot produce certain products.

        Production risks are also connected to critical machine breakdowns or calamities such as a fire, which could damage equipment.

        Risk mitigating activities

        • Supplier agreements: Gr?nges has agreements with suppliers in each market to ensure deliveries based on estimated volumes.
        • Own production: Gr?nges has own cast houses in the production facilities which makes the company less sensitive to supply issues regarding for example aluminium slabs.
        • Maintenance plans and machinery: Gr?nges has maintenance plans to manage critical machinery. The company also ensures access to spare parts and service staff to continually maintain critical machinery. Furthermore, Gr?nges has invested in state-of-the-art fire protection systems and customary insurance policies.

        Risk description and consequence

        Quality and efficiency risks are mainly connected to defective products and insufficient process stability, and are often due to unplanned stoppages at production plants.

        Risk maitigating activities

        • Operational excellence programmes: Gr?nges ensures highquality products and efficient production processes through its programmes for lean operations.

        Risk description and consequence

        Environmental risks are mainly related to emissions to water, soil and air or releases of environmentally hazardous substances resulting from incidents and accidents in Gr?nges’ production facilities, such as fire, oil spill, or leak of hazardous substances.

        Emissions to air, in terms of carbon dioxide, nitrogen oxides and particulate matter, come from burning fossil fuels and particularly natural gas and liquefied petroleum gas. Emissions of oil are linked to cold rolling operations in which oil is used to cool down the mill and lubricate the interface between the rolls and the material. Such events may have financial, nonfinancial, as well as regulatory repercussions.

        In line with the Aqueduct Water Risk Atlas developed by the World Resources Institute, Gr?nges’ operations are located in areas with various water risks. The production sites in Finsp?ng and Newport are situated in areas with low-to-medium risk, whereas the Huntingdon and Salisbury facilities are in mediumto- high risk areas. The plant in Shanghai is situated in a high-risk area.

        Mismanagement of water risks can lead to water shortage and/ or bad water quality; however, no water source is considered to be significantly affected by the water withdrawal or discharge from Gr?nges’ operations.

        Risk mitigating activities

        • Daily monitoring and management: Gr?nges monitors and manages emissions to air as part of the daily operations. Compliance is a prerequisite for Gr?nges’ continued licence to operate. Local authorities continually monitor compliance to ensure that emissions of nitrogen oxides, sulphur dioxide, particulate matter, volatile organic compounds (VOC) and, in some regions, oil emissions, are within limits.
        • Incident reporting: Gr?nges’ employees can report environmental risk observations in site-specific incident management systems. Risks are managed in accordance with standardized routines and integrated as a part of daily operations. Key risks are raised to the regional management team and mitigation activities are implemented accordingly. Measures to mitigate environmental risks are also integrated in investment and maintenance routines. Gr?nges takes a precautionary approach to environmental risks.
        • Environmental management certifications: Gr?nges aims to have all its sites certified in accordance with ISO 14001 (environmental management) and ISO 50001 (energy management) certification standards. The sites in Europe and Asia are certified against both standards. The sites in Americas are preparing for both certifications.
        • Local water management plans: Gr?nges has set a 2025 target to develop and implement local water management plans in all its sites and has in 2019 agreed on the key elements of such a plan. In short, the plans will include local targets and actions to address water-related impacts.

        Risk description and consequence

        Health and safety risks mainly relate to incidents or accidents in the cast house or rolling mills, which can cause damage on fingers, hands, feet and legs. Another risk is exposure to chemicals, which can be hazardous to employees’ health. There is also a risk of fire which can lead to explosion or breakdown in a production facility.

        Employees and other individuals may be injured if the implementation of safety procedures is unsuccessful or inefficient. Unsafe workplaces can also lead to increased employee turnover as well as higher operating costs and production interruptions, which in turn could result in increased costs for Gr?nges. Safety and health incidents can also lead to reputational damages for the company.

        Risk mitigating activities

        • Daily monitoring and management: Gr?nges has strict safety routines in place and continuously invests in safety measures to prevent and mitigate workplace accidents and injuries.
        • Incident reporting: Gr?nges focuses on preventing workplace injuries and ensuring safe behaviour. Job safety analysis is carried out and all incidents and accidents are registered and classified in incident reporting systems. A 5S system has been implemented in all sites to ensure a lean, orderly and safe work environment.
        • Global EHS Policy: Gr?nges has a group-wide EHS Policy which all employees and contracted workers are required to follow. The policy includes clear principles related to occupational safety and health.
        • Safety certifications: Gr?nges aims to have all its sites certified in accordance with the OHSAS 18001 or ISO 45001 safety management standards. The site in Asia is certified against OHSAS 18001 and the sites in Americas and Europe are preparing for ISO 45001 certifications.
        • Safety training: Gr?nges arranges safety training for all employees at least once a year. Targeted safety training is also carried out for specific safety aspects.
        • Best practice sharing: Gr?nges shares safety experiences and best practice through internal cross assessments, safety meetings and intranet communication. The company also shares information with external companies through industry associations.

        Risk description and consequence

        Employee risks are mainly related to lack of access to and difficulty to attract and retain qualified and skilled employees, which is critical for Gr?nges to achieve the company’s strategic and operational objectives. There are also risks relating to not having a diverse workforce as this is a prerequisite for a productive and innovative organization. Gr?nges operates in a traditional industry in non-central locations, which can lead to recruitment related challenges.

        Losing key employees or not attracting skilled employees or a lack of diverse workforce can negatively affect Gr?nges’ possibilities of conducting and developing its operations, and its ability to develop new products. It can also lead to significant cost implications.

        Risk mitigating activities

        • Attractive workplace: Gr?nges strives to offer good working conditions and interesting career development opportunities to attract, develop and retain qualified employees. The company runs a structured recruitment process to ensure the company hires competent and skilled employees.
        • Leadership development: Gr?nges conducts regular performance and development discussions to ensure motivated and engaged employees. The company also works actively with training opportunities, talent management and succession planning as well as strengthening the corporate culture and core values.
        • Regional diversity plans: Gr?nges supports an inclusive work environment which leverages employees’ different perspectives, experiences and ideas. In the recruitment process, all else being equal, individuals from underrepresented groups are given recruitment priority. Gr?nges regularly trains its employees on the importance of inclusion and having a diversified workplace.
        • Health and wellbeing initiatives: Gr?nges offers its employees occupational and non-occupational health services. Examples include access to occupational health care, regular health checks and access to medical care at licensed medical providers.

        Risk description and consequence

        Operating in a global business environment can sometimes be challenging as complex market conditions can lead to situations where employees are uncertain how to act. Risk of corruption and bribery exists in many markets where Gr?nges conducts business.

        Corruption can prevent economic development, distort competition, lead to increased costs and destroy confidence, reputation and brand. For Gr?nges as a company, corrupt activities can lead to costly penalties and government-ordered compliance costs as a result of corruption allegations. The company may also be prohibited from doing business in certain countries or industries, with certain governments or from participating in public tenders.

        Corruption can also lead to increased costs for the individual who is involved in acts of corruption, for example civil and criminal liability. Corrupt activities are punished severely by the court, and individuals who are found guilty of violating the law may become liable to fines and imprisonment.

        Risk mitigating activities

        • UN Global Compact membership: Gr?nges supports international standards on human rights, labour conditions, the environment and anti-corruption, including but not limited to the UN Global Compact and its set of ten principles. Gr?nges has been a member of UN Global Compact since 2016.
        • Responsible business practices: Gr?nges is committed to operating in accordance with responsible, ethical and sound business principles, and in compliance with all applicable laws and regulations. The company will always act rapidly, stringently and vigorously upon discovering corruption or other unethical behaviour.
        • Code of Conduct: Gr?nges has a group-wide Code of Conduct which employees and board members, as well as temporary staff, must follow. The company has a target that all of its employees annually should conduct training in the Code of Conduct.
        • Anti-Corruption Policy: Gr?nges also has a group-wide Anti-Corruption Policy which all Gr?nges’ employees and board members must adhere to. These individuals must also take reasonable steps to ensure that Gr?nges’ independent business partners, including suppliers, customers, and joint-venture partners, do not engage in corruption or other illegal or unethical activities related to their business with Gr?nges. The company has a target that all of its white-collar employees annually should conduct training in anti-corruption.
        • Whistleblower function: Gr?nges has a Whistleblower function which is managed by an external company and can be accessed online or via telephone. Through the function, employees and external business partners can

        Risk description and consequence

        Gr?nges operates in many different markets, with local laws and rules. Failure to keep abreast of legislative and regulatory requirements may cause financial liabilities or even loss of permits. If employees or individuals who work on Gr?nges’ behalf violate laws and rules, it could have negative consequences for Gr?nges.

        The company may be affected by events that damage confidence in the company, its operations, or employees, for example if environmental, quality, or ethical requirements are not met in the manner prescribed by Gr?nges.

        Risk mitigating activities

        • Continuous monitoring and management: Gr?nges continually monitors legislative and regulatory developments through external partners, and through membership in various industrial organizations. The company observes all applicable local and international laws and regulations.
        • Communication and training: Gr?nges regularly informs its employees of relevant changes that the company must follow. The company also trains relevant employees to ensure good knowledge and understanding of legal risks and requirements.

        Risk description and consequence

        These risks relate to disturbances in critical IT systems, business processes or other digital infrastructure. Such disruptions can have a direct impact on production and other important business processes and could lead to inability to deliver products or services in time to customers or other stakeholders. This can in turn lead to financial and reputational losses. Errors in the handling of financial systems can affect the company’s financial reporting.

        The risk of unauthorized intrusion into Gr?nges’ systems may result in financial losses and other damage. These risks grow in an increasingly technically complex and interlinked world. Failure to adequately restrict access to information may result in unauthorized knowledge or use of confidential information.

        Risk mitigating activities

        • IT security management: Gr?nges has implemented processes to handle IT security and to mitigate risks related to incidents. These processes are continuously improved according to the latest best practice. The IT environment is proactively monitored and abnormal patterns are acted upon.
        • Regular audits: Gr?nges conducts yearly audits to identify IT security risks, covering internal and external perspectives. These risks are raised to Group management and mitigation activities are implemented accordingly.
        • Information Security Policy: Gr?nges has an established Group Information Security Policy which all employees, including contractors and board members, must adhere to.
        • Communication and training: Gr?nges regularly informs and trains its employees to create information and cyber security awareness and understanding.


        Financial risks

        Financial risks are managed in accordance with Gr?nges’ Financial Management Policy. Gr?nges uses derivatives and other financial instruments to reduce financial risks.

        Risk description and consequence

        Currency risks are related to the fact that Gr?nges’ Group sales primarily are generated outside of Sweden. Sales contracts are mainly denoted in USD, EUR and CNY, depending on where the customers are located. Changes in foreign exchange rates have an impact on Gr?nges’ income statement, balance sheets, and cash flow.

        Over time, changes in foreign exchange rates may also affect the company’s long-term competitiveness and earning capacity.

        Risk mitigating activities

        • Financial Management Policy: Gr?nges has a Financial Management Policy which regulates the company’s management of foreign exchange risk.
        • Financial instruments: Gr?nges uses financial instruments, mostly forwards, to reduce the company’s exposure to changes in foreign exchange rates regarding its commercial cash flows. Changes in exchange rates for firm commitments are managed in accordance with a model whereby the exposure with a duration of up to 18 months is hedged. Exposures relating to customer orders without firm commitments are partly hedged up to 24 months.

        Risk description and consequence

        volumes of aluminium for the company’s production facilities in Sweden, China and the US. The price of aluminium is based on the trade price on the LME in London or SHFE in Shanghai. Gr?nges’ revenue model means that the cost of aluminium is passed on to the customer, through agreements with customers and suppliers. There usually is a lag between the aluminium procurement date and the pricing of the finished product, which means that Gr?nges could be exposed to fluctuations in the price of aluminium. If the metal price risk is not handled, fluctuations in the metal price could lead to losses.

        Risk mitigating activities

        • Metal Management Policy: Gr?nges has a Metal Management Policy which regulates the company’s management of commodity price risk. The goal is to balance the short and long position so that the company is not affected by changes in the price of aluminium.
        • Financial instruments: Gr?nges uses financial instruments to manage the commodity price risk which can arise if there is a lag between the aluminium procurement date and the sale of the finished product. Gr?nges takes no positions for speculative purposes.

        Risk description and consequence

        Gr?nges’ interest rate risk is mainly related to the Group’s interest- bearing liabilities. The actual interest rate risk depends on the total size of the interest-bearing debt. Changes in interest rates may affect the Group’s results and cash flow and/or the fair value of financial assets and liabilities.

        Risk mitigating activities

        • Floating interest rates: Gr?nges’ borrowings are mainly in SEK and USD at floating interest rates.
        • Duration of the interest-bearing debt portfolio: Gr?nges can adjust the duration of the interest-bearing debt portfolio by longer interest periods or by interest rate swaps. The target for the duration of the interest-bearing debt portfolio is regulated in the Financial Management Policy. In 2019, no interest rate swaps were used to prolong the duration.

        Risk description and consequence

        Liquidity risk is related to the ability for Gr?nges to meet its payment obligations. Cash flow from operations, which is affected by changes in working capital among other factors, is managed at group level. The liquidity risk is affected by for example Gr?nges’ future commitments, available cash and available credit lines.

        Risk mitigating activities

        • Liquidity forecasts: Gr?nges forecast future payments and obligations for the next twelve months against incoming cash flows and available credit facilities, including a strategic reserve. Excess liquidity is managed by the Group’s treasury function.
        • Financial Management Policy: Gr?nges has a Financial Management Policy which regulates a minimum level for available liquidity, including committed credit facilities from banks.

        Risk description and consequence

        Credit risks are related to a counterparty not meeting its financial obligations towards Gr?nges. A credit risk can be related to for example trade receivables or financial counterparties.

        Risk mitigting activities

        • Continuous follow-up: Gr?nges’ trade receivable exposure is managed and followed up continually in local credit committees. The need for provisions is tested every quarter, or when necessary, according to predefined criteria.
        • Credit ratings and agreements: Gr?nges manages credit risk on financial counterparties by choosing counterparties with a good credit rating, by limiting the actual exposure per counterparty, and by agreements such as ISDA agreements.
        金沙贵宾会骗局