Averitt’s ERM process encompasses assessment across direct operations and upstream and downstream activities across the value chain. Risk and opportunities identification considers multiple time horizons to ensure alignment with business strategies in the short term (0-1 year) and medium term (2-5 years). Averitt’s ERM process includes an enterprise-wide and site-specific evaluation of the following sustainability risks that are material to its business based on our Materiality Assessment. Corruption, Bribery, and Fraud has been recognized as one of the material topics and is integrated in the Enterprise Risk Management Policy. 100% of Averitt’s sites are assessed for Corruption and Bribery risks. The Executive Team periodically receives updates on our risk and sustainability performance, no less than annually. It also oversees the company’s ERM process, which will involve periodic risk assessments covering both ethical and physical risks and the evaluation and management of critical risks and opportunities to the business. During the annual ERM process, we review with members of the CSR Steering Committee and management the potential risks, formally document and assess those risks, and, as needed, put mitigation efforts in place. Averitt executives developed and adopted a policy that integrates social and environmental risk assessment into our Enterprise Risk Management (ERM).
SOCIAL AND ENVIRONMENTAL RISK ASSESSMENT
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