51 INTEGRATED ANNUAL REPORT 2023 Those risks which cannot be avoided or mitigated through management controls are covered by an array of insurance products which gives sufficient cover at competitive rates. State entities / operations / influence 11 High level continuous involvement in and influence on key and critical State forums (rail / ports etc.). Involve FSA. Market factors (local and global) 10 Maintain current markets, explore diversification opportunities, judicious financial reserve management and focus on controlling costs per tonne. Tactically timed price GST and bonus revisions. Exchange rate 9 Prudent and judicious financial and exchange rate management. Tactical hedging / use of buckets. Supply reliability and product rejection 8 Awareness programmes and constant quality communication to members. Revision of slot booking system. Supply performance monitoring. FSC reduction / loss 8 Engage with Certification bodies and industry partners. PEFC as further certification option. Constant risk assessment. Information systems 8 Ongoing adoption of appropriate measures to protect against outside breach, off-site data storage and diligent systems monitoring. Stockpiling and cash flow issues 7 Strategic use of existing mill capacities and inter-mill flexibilities and explore further capacity / timber flow improvement opportunities. Diligent cost accounting and dashboard monitoring. Staff training and awareness. Resource and R&D capacity loss 7 Maintain funding and presence on ICFR and other tree breeding forums, diligent supply planning, monitoring and Chain-of-Custody. Human capital 7 Diligent skills, equity, structure, succession planning, and adoption of correct and proper HR protocol. The protracted COVID -19 pandemic 6 Adoption of progressive COVID related protocols and regular staff awareness programmes. Likelihood of outbreak less certain currently. Legal and corporate governance 5 Group of companies’ frameworks, ethics policy and high-level oversight committees. Key identified risk in order of Impact Current mitigating action/s increasing potential impact rating
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