Risk Management
At Formosa Laboratories, we identify the risks facing our business lines through the respective departments, and have the department heads analyze these risks and implement response strategies. Formosa Laboratories has established a risk management organizational structure in accordance with the Risk Management Policy and Procedure. In 2023, the Board of Directors approved creating the Risk Management Team and placed it under the Sustainable Development Committee. The team's performance or achievements, once compiled, are reported to the Board of Directors annually.
When the Risk Management Team announces a significant risk, the relevant organizational management unit shall prepare in advance by developing response measures according to the business continuity plan (BCP).
▼Risk management organization structure at Formosa Laboratories
▼Business continuity plan process flow at
Formosa La
Risk Impact and Response Strategies
▼Types of risk and corresponding response strategies at Formosa Laboratories
At Formosa Laboratories, the risk management operates by examining the risks faced by each department in their respective businesses. Unit supervisors would analyze, control and implement strategies and establish related systems, taking action in response to different risk impacts with relevant strategies. We have established a more comprehensive risk management organization this year and an effective reporting system. Later in 2023, we will establish a risk management organizational structure according to the Risk Management Policies and Procedures, and the risk management team will be formed and affiliated with the Sustainable Development Committee once approved by the Board of Directors. The risk management team's execution and achievements will be submitted in an integrated report annually to the Board of Directors.