Risk Management Policy




Last edited on

Aug 19, 2023

1. Policy Statement

Falco Energy Group FZCO acknowledges the various risks that can impact our operations, reputation, assets, and stakeholders. We are committed to proactively identifying, evaluating, and managing these risks to ensure the sustainability and success of our business.

2. Purpose & Scope

This policy outlines our systematic approach to risk management. It is applicable to all aspects of our operations, employees, and associated stakeholders.

3. Objectives

  • Identify potential risks in a timely and thorough manner.

  • Assess and prioritise risks based on their potential impact and likelihood.

  • Implement appropriate measures to mitigate or manage risks.

  • Continually monitor and review risks and the effectiveness of our risk management strategies.

4. Responsibilities

Management: Ensure risk management resources are available and set the overall risk appetite for the organization.

  • Risk Management Committee: Oversee the risk management process, ensuring that major risks are identified and managed appropriately.

  • Employees: Understand and act in line with the risk management policy, promptly reporting any perceived new risks.

5. Risk Management Process

  • Risk Identification: Detect potential risks through tools like SWOT analysis, environmental scanning, and stakeholder feedback.

  • Risk Evaluation: Assess risks for their likelihood and impact on the organization.

  • Risk Mitigation: Develop strategies to manage and mitigate risks. These might include risk avoidance, risk reduction, risk sharing, or risk retention.

  • Risk Monitoring: Continuously monitor the risk environment and the effectiveness of our risk management strategies.

6. Training & Awareness

  • Provide regular risk management training to employees.

  • Maintain open channels of communication for risk reporting and feedback.

7. Review & Reporting

  • Conduct regular reviews of risks and the effectiveness of our management strategies.

  • Present risk reports to the executive team/board on a [monthly/quarterly/annual] basis or as deemed necessary.

8. Continuous Improvement

As the business environment evolves, our risk management practices will be updated to remain relevant and effective.

9. Communication

This policy is disseminated to all employees and relevant stakeholders. It's also available on our official website for public reference.

10. Policy Review

This Risk Management Policy will be reviewed annually or following significant organizational or environmental changes.