Airbus’ long-term development and production lifecycle make Enterprise Risk Management a crucial mechanism for both mitigating the risks faced by the company and identifying future opportunities.
In 2013, the Enterprise Risk Management (ERM) function also streamlined its activities to reflect the Group consolidation. Consequently, there is one Group ERM function, with direct responsibility for Airbus. Vincent Leroy is the head of this function and coordinates group-wide the ERM functions at Airbus Helicopters and Airbus Defence and Space.
By mapping all material risks, planning how to mitigate them and how to seize related opportunities, ERM is designed to protect the achievement of the following:
- Strategy: selection of high level strategic objectives consistent with risk appetite
- Operations: effectiveness and efficiency of operations and resource allocation, in line with performance and financial targets
- Reporting: reliability of reporting, in particular
- Compliance: compliance with applicable laws and regulations.
Mapping and mitigating the risks
ERM is a governance system for
- operational risk and opportunity management (Programmes, Projects and Functions)
- internal control management (i.e. risk and opportunity management concerning internal processes)
As ERM is applied more consistently across the Group, its subsidiaries and major suppliers, there is increasingly a common understanding, methodology, practice and language. Tools for fostering ERM include policies, reviews, training, internal controls and IT systems.
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