During the year we conducted multiple risk workshops and risk self-assessments. As a result, we identified risks for which the responsible management and experts determined the priority. The outcome of these risk analyses is included in the risk profile and is described as emerging trends.
The risk profile and trends are shared with all stakeholders within the organization.
In the bottom-up consolidation process, the risks were taken to the next level of management, where these risks were reassessed either due to the materiality of the risk exposure and/or as a result of the accumulated effect.
Our primary focus is on the main risks that may affect the realization of our strategy over the next three to five years. We also identified risks that were recognized in prior years on its actual occurrence and noted that for some of these further actions are needed to be put in place.
In 2019 we will further strengthen our risk management process at all three lines of defense to ensure the risks that are taken to grow the company are taken in accordance with the same methodology as described, and continue to receive the right level of attention going forward.