Toyobo to establish Risk Management Committee
Mar 25, 2021
Toyobo Co., Ltd. will establish a Risk Management Committee chaired by its chief executive officer on April 1, 2021, to unitarily manage risks facing the entire Toyobo Group.
The committee will be established in response to a fire at the company’s Inuyama Plant and quality control problems involving a medicine and engineering plastic products. Toyobo takes these incidents very seriously. The committee will be engaged in risk management (identification, analysis and evaluation of and response to risks). It will also formulate risk management policies for the entire Toyobo Group to ensure that any event or situation that could negatively impact the Group is avoided, quickly detected or prevented from recurring. It will establish and oversee systems that effectively, sustainably and appropriately respond to events that could jeopardize the Group’s performance.
Risk management goals
|1.||Create and operate sustainable and effective systems that can avoid, quickly detect and adequately handle any event or situation that could negatively impact the Group.|
|2.||Be accountable to the Group and other parties.|
|3.||Prevent recurrence of past or similar incidents.|
|1.||The Risk Management and Compliance Functions, which is responsible for mitigating risks at the company, and the Corporate Sustainability Department, which is the committee’s secretariat, will implement most of the risk management measures.|
|2.||The committee chairman will report developments made at the Risk Management Committee to the Board of Directors.|
|1. Policy-making||Deliberate annual plans and mid- and long-term policies involving the entire Group|
|2. Oversee risk management||Supervise activities of Risk Management and Compliance Functions based on the company’s basic plan (discuss serious risks and confirm progress made on mitigation measures)|
|3. Management of rules||Deliberate revisions to or abolishment of rules and guidelines on risk management|
|4. Respond to contingencies||Share information regarding an incident and establish working group, as necessary, to deal with the situation. Supervise progress made by working group’s measures to prevent recurrences|
For more information, contact
Public Relations Group, Corporate Sustainability Department, Toyobo Co., Ltd.
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