THIS IS GOLD FIELDS 
Risk management
Gold Fields' approach to ERM is based on the requirements of King IV, the South African Corporate Governance Code of Conduct and ISO 31000, the international guideline on risk management. The Group also subscribes to the risk management requirements of the ICMM's 10 Principles.
Gold Fields' ERM process is applied at three broad levels within the business:
We also regularly examine emerging global trends, as a multinational company like Gold Fields is shaped by external social, economic and political dynamics in the regions in which it operates
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The Group and regional risk heat maps, the top catastrophic risks and key emerging global trends can be found in our Integrated Annual Report 2023 |  |
The application of risk management activities is directed at delivery of the balanced scorecard of objectives at each level of the business. Business monitoring, performance management and reporting processes all include an assessment of risk and opportunity and the potential impact on desired outcomes.
At a global level, the Risk Committee and Board are informed of all the significant risks which have been identified as part of these processes and of the associated response strategies. This includes an assessment of the external environment, the potential risk or opportunity implications for the company and how these have been analysed and integrated into our strategy review process.
We augment our internal risk perspective with the views of our external investors and other stakeholders via materiality analysis aligned to the Global Reporting Initiative (GRI).
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Learn more about how we conduct the analysis, our material themes and how we manage what is material | |
The consequences of the risks we are exposed to can create a variance from where we aim to be in terms of our strategic objectives. The level of variance we can bear without needing to revisit a strategic objective defines our risk appetite (i.e. the amount of risk/uncertainty we are willing to accept in pursuit of that objective), while the level of variance we can accept in relation to a specific goal or target determines our tolerance position. (i.e. how far can we stray from the target without threatening the overall objective?)
To support the achievement of strategic objectives and business plans, and to monitor tolerance positions, Gold Fields has a comprehensive monthly and quarterly business review process in place. Performance is monitored and shortcomings are addressed swiftly and effectively. A colour-coding system is used during presentations to alert executives if targets are being achieved, and enables discussions around remediation measures.
Shortly after the quarterly business reviews are concluded, the Board conducts quarterly governance and oversight meetings, as part of its annual Board cycle, during which significant aspects of the business are comprehensively questioned and reviewed. Any misalignment with Company objectives or good corporate governance is discussed and remedial action requested. This is in line with our formal Approval Framework, which strictly defines decision parameters and risk tolerance.
