34
Baker Technology LimitedAnnual Report 2014
RISKMANAGEMENT
ANDMITIGATION
Risk management is an integral part of strategic,
operation and financial decision-making processes at
all levels of the Group. In an evolving economic and
industrial landscapeof uncertaintiesandvulnerabilities,
theGroup acknowledges the importanceof identifying
and addressing these risks.
TheGroup has in place an enterprise riskmanagement
framework to effectively mitigate and minimise any
significant exposure tobusiness interruption, pollution,
injuries to people and damage to properties – all
intrinsic innormal oil andgas activities.
The framework and implementation actions are
regularly assessed and evaluated by the Board to
ensure alignment with theGroup’s strategic objectives
and consistencywith theGroup’s risk appetite.
The Group’s commitment towards a robust risk
management framework and processes will equip it to
respondpromptly to challenges andopportunities ahead
and in turn safeguards stakeholders’ interests and the
Group’sassets todeliversustainablevalue toshareholders.
INDUSTRY-RELATEDRISKS
As a manufacturer and provider of specialised
engineering components for the offshore marine oil
and gas industry, the Group is exposed to challenges
affecting the oil and gas industry today. Global
economic sentiment, currency fluctuations, price
swings fromdemand and supply are key factors driving
offshoreexploration anddrilling activities.
