2.0 | Operational Risk Management
Relevance to Our Business Effective operational risk management drives business resilience, improves efficiencies, and lowers both operating and compliance costs. In our grain and food ingredients businesses, food safety goes beyond regulatory compliance. It is a concerted focus that results in successful outcomes and satisfied customers and consumers. To minimize risk, we apply the principles of ESG to our assessment of food ingredient and product packaging suppliers. We consider their ESG goals and achievements, as a part of our overall risk assessment. To minimize risk, we use ESG principles to vet our high volume ingredient suppliers. We factor in their ESG goals and achievements, as a part of an overall risk assessment. As a member of the food value chain, we collaborate with a network of suppliers/ sellers, purchasers/buyers, and distributors, to share access to data – from food safety and defense certifications, to inspections and other forms of verification. This includes a commitment to ESG. Our goal is to always have a clear understanding of the businesses and people we are partnering with.
Actions and Impacts
Quality Assurance and Food Safety Data The collaboration across our origination, food processing, and service teams and our management of food-borne illness risk is accomplished through our effective identification, consolidation, and management of data. As new technologies emerge, Richardson collects and leverages relevant data for the development and implementation of evermore effective food safety programs and practices.
AT A GLANCE • Regularly capture and take advantage of strategic data collected through our agribusiness operations and food processing businesses. • Integrate data from food production environments and food safety risk assessments. • Consistently modernize and transform our food safety strategy and food safety management systems to maintain a modern and up-to-date approach to changes in our business, industry, and regulatory community.
RICHARDSON INTERNATIONAL SUSTAINABILITY REPORT 2022 | 55
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