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, we put a sound risk management and control system into place, which is actively supported by the Board of directors.
2021: main risks
Every year in the fourth quarter, Barco performs a company-wide risk assessment and compliance gap analysis. In 2021, that led to a slight reclassification and renaming of certain risks, leading to the following overview:
|Risk||Trend||Material topics||Strategic levers|
Supply chain & 'Nth' party risk
Focus to perform & Go for sustainable impact
Product portfolio & Innovation
Human capital & talent management
Digital transformation & new technologies
Macroeconomic & geopolitics risk
Information security risk
Data governance and privacy
Risk management process
Risk management is firmly embedded into our processes, at all levels. For every key management, assurance and supporting process, Barco has a systematic risk management approach that consists of five steps: identification, analysis, evaluation, response and monitoring.