Group Risks and Opportunities
The overriding purpose of our Enterprise Risk Management (ERM) process is to assist Gold Fields to achieve its strategic and operational objectives and help the company to become as resilient as possible in the prevailing global business environment.
The ERM process also supports our efforts to achieve the highest levels of corporate governance, as well as full compliance with the risk management requirements of South Africa’s King IV Code.
The ERM process in Gold Fields is mature and fully aligned with the ISO 31000 International Risk Management Guideline. Strategic and operational risk management processes are integrated with the business and managed on a day-to-day basis by our executive and line management teams.
Risk management review process and reporting structure
Strategic and operational risk management processes are integrated from the foundation of the process described below, through all the various levels of risk management to the top, where the Risk Committee and Board are informed of all the significant risks facing Gold Fields. This includes a clear understanding of the external risk environment and the potential impacts or opportunities it may have on the Company. The global risk landscape and macro risk trends are analysed and integrated with our executive management strategic review process.
|Strategic Risk Management|
|Strategic risk assessment / Global Macro trend analysis|
|Disclosure of risks to all stakeholders (20-F and Annual Report)|
|Strategic and operational risk registers-top risks per region and operation|
|Gold Fields Executive
|Operational risk management|
|Baseline risk assessments and risk profiles|
|Issue based risk assessments – part of change management|
|Continuous/Ongoing risk assessments|
|RISK MANAGMENT – Embedded and integrated into the day-to-day running of the business|