Within the context of its business operations, Barco is exposed to a wide variety of risks that can affect its ability to achieve its objectives and to execute its strategy successfully. To anticipate, identify, prioritize, manage and monitor the risks that impact its organization, Barco puts a sound risk management and control system into place, which is actively supported by the Board of Directors.
2020: main risks
Every year in the fourth quarter, Barco performs a company-wide risk assessment and compliance gap analysis. In 2020, 13 risks were identified and evaluated by CLT members and senior managers via an online questionnaire.
The assessment and evaluation led to the following top risks:
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Risk management process
Risk management is firmly embedded into Barco’s processes, at all levels. For every key management, assurance and supporting process, Barco has developed and implemented a systematic risk management approach that consists of five steps: identification, analysis, evaluation, response and monitoring.