How we reduce the probability of risk materialising
Operating in a largely volatile macroeconomic environment, the LOTOS Group adopts a precautionary approach. Where possible, risk is reduced to a level considered economically acceptable.
We give effect to this precautionary approach through:
- The ERM system, which supports the safe operation of our organisation and the achievement of business goals with due respect for our environment and its values.
- The Code of Ethics, which sets the standards of conduct in line with the LOTOS Group ethical values.
- Environmental protection and OHS standards, which ensure the highest standard of people’s and process safety. With regard to HSE, we apply the ALARP (As Low As Reasonably Practicable) principle.
- Standardised contract forms, which lay down proper terms and conditions for cooperation with trading partners.
- Other policies and operating procedures, which define the acceptable risk levels in business processes.
Chapter 6. Grupa LOTOS S.A.’s and the LOTOS Group’s business risks
Note 28. Objectives and policies of financial risk management in Consolidated Financial Statements for 2016