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 years) and medium term (2-5 years). Averitt’s ERM process includes an enterprise-wide and site-specific evaluation and management of social and environmental risks and opportunities that are material to its business based on a 2024 Materiality Assessment and industry standards such as SASB. 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 annually 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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