RISK MANAGEMENT RISK MANAGEMENT AND RISK FACTORS RISK MANAGEMENT In 2021, the Company continues to face challenges amid the severe economic and social impacts of the COVID-19 pandemic which affects employee health and safety, business continuity throughout the supply chain as well as results in the volatility of product prices. However, with a strong risk management system, the Company is able to deal with the challenges that arise. The Corona Virus Disease 2019 (COVID-19) Prevention and Control Committee, a specially appointed unit, is responsible for monitoring the pandemic situation and setting various preventive measures in accordance with the changing situation. The Company implements responsive measures by increasing the numbers of staff working remotely from 66% to 90-100% as soon as the outbreak returned. The Company also launches campaigns and procures vaccinations for 100% of the Company’s personnel to ensure that they have thorough and quick access to the vaccines. In addition, measures that have been in place since the first wave of the outbreak are still strictly implemented in order to maintain business continuity. One of the measures is the “Lock up” policy, which is the prevention and control of the infection among employees involved in the production process. The employees’ self-reporting measure through the GC COVID-19 Reporting System application is still also strictly enforced to monitor health condition, travel and vaccination of employees throughout the organization. The Company also conducts a Work from Home Survey to ensure that employees are able to effectively work from their places. In terms of the impact of product price volatility, both from the COVID-19 pandemic and other uncertainties such as oil price war and new petrochemical production capacity, upon which situations the Company has been closely monitoring and assessing the impacts on the operating results. Various mitigations are set to reduce risks and impacts including cost reduction, investment prioritization, adjustment of production and sales plans, using the Commodity Hedging tool to manage price and spread risks as well as reshaping product portfolio to cope with the rapidly changing market. As a result, GC is able to effectively cope with these challenges testifying the standard of the Company’s risk management, which is systematically developed and integrated across the organization to reduce probability and impacts that may arise from the uncertainties and/or to acquire business opportunities. This will ultimately increase the competitiveness of the Company and create sustainable value for business. The Company is committed to Integrating Risk Management into the strategy formulation process to maintain sustainable growth in line with the strategic objectives and the organizational main goals under an acceptable level of risks. This commitment covers risk management in all aspects including quality, security, safety, occupational health of employees, society and community, environment, laws, regulations and standards as well as any requirements of the countries in which the Company have business transaction and/ or investments, to meet the international standards. The Company focuses on the anti-corruption policy and responds fairly to all stakeholders, whereby the Company has appropriate risk and crisis management systems based on the international standard of The Committee of Sponsoring Organizations of the Treadway Commission (COSO) or ERM COSO (2017), the International Organization for Standardization or ISO 31000:2018 and the Thai Corporate Governance Code for Listed Companies – 2017. In terms of anti-corruption guidelines and commitment, GC has been certified as a member of the Thai Private Sector Collective Action Against Corruption (CAC). Implementation results of anti-corruption policies and measures have been reported to the Audit Committee, the Corporate Governance and Sustainability Committee and the Board of Directors to ensure the continuity of adequate and appropriate policy implementation and monitoring processes. In addition, the Company also integrates organizational policies, rules, and operational standards into risk management, internal control and compliance 76 PTT GLOBAL CHEMICAL PUBLIC COMPANY LIMITED Form 56-1 One Report 2021
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