Risk Management
At Formosa Laboratories, we learn about the risks facing our lines of business through the corresponding departments, and have the department heads analyze the aforesaid risks and implement response strategies. Formosa Laboratories has established the risk management organization structure in accordance with the Risk Management Policy and Procedure. In 2023, the Board of Directors approved the establishment of the Risk Management Team and placed it under the Sustainable Development Committee. The performance or achievements of the Risk Management Team, upon compilation, are reported to the Board of Directors on an annual basis. When the Risk Management Team announces a significant risk, the corresponding organizational management unit shall make preparations in advance for the risk by formulating response measures in accordance with the business continuity plan (BCP).
▼Risk management organization structure at Formosa Laboratories
Risk Impact and Response Strategies
▼Types of risk and corresponding response strategies at Formosa Laboratories
Risk Management
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.
The Organization Structure of Risk Management at Formosa Laboratories (due to be activated in 2023)
Risk Impact and Response Strategies
The risk and management operations identified by Formosa Laboratories are as follows:
