Risk Management Policy

Risk is an inherent part of GLG Crop’s business, which operates in a highly competitive market sector. GLG Corp is committed to the management of risk as an integral part of its business, focusing on strategies to minimize risk which are regarded as threats to its achievements of objectives and goals. Read more about our Risk Management Policy here

The objectives of this policy are to:

  • Outline the company’s approach to risk management;
  • Improve decision-making, accountability and outcomes through the effective use of risk management;
  • Integrate risk management into daily operations of the company and its outsourced business partners;
  • Consider risk appetite in protecting staff and business assets and strategy execution

The management of GLG Corp is responsible to the Board of GLG Corp for the following:

  • Approving GLG Corp’s risk management policy and its effective implementation;

  • Endorsement of any changes to the GLG Corp’s risk management framework, including key policies and procedures to reflect new developments;

  • Monitoring compliance with the endorsed risk management framework through management reporting to the Board of GLG Corp in Board meetings; and

  • Delegating authority to staff, where appropriate

The Board regularly reviews business risks applicable to the business and ongoing operations.  Additionally, the Board considers risk profiles as part of the annual strategy review and budget planning review.  The effectiveness of risk management is unavoidably linked to management competence, commitment and integrity, all of which forms the basis of sound Corporate Governance.  

The following table summarized the roles and responsibilities of each level in discharging their duties on risk management:

The following are the specific risk categories included in the risk register and reporting:
  • Customer risks (including their financial conditions, solvency, credit worthiness);
  • Competitor risks;
  • Investment risks;
  • Operational risks;
  • Outsourced partner and contract manufacturing risks;
  • Legal, regulatory and compliance risks (including product liability, legal compliance guideline set by customers);
  • Resources risks (including HR, IT, etc.);
  • Finance risks (including liquidity, trade credit financing, foreign exchange, etc.);
  • Reputation risks; and
  • External factor risks

Read more about our Governance Statement here