Business sustainability – in its true sense – is essentially about the effective and integrated management of our operational, sustainability and financial risks. Gold Fields has a well developed and embedded Enterprise Risk Management (ERM) process. As part of our integrated approach to business sustainability, our environmental, social, health and safety risks are fully integrated into the ERM process.
The overriding purpose of the ERM is to help Gold Fields become more resilient in the global business environment and achieve its strategic objectives – to grow Gold Fields, to optimise its operations and to secure its future. It also supports our efforts to achieve the highest levels of corporate governance, as well as full compliance with the risk management requirements of South Africa’s King III Code.
The ERM process is comprised of two integrated and well-aligned components: operational risk management and strategic risk management. It is aligned with the ISO 31000 international standard on risk management, as well as the Committee of Sponsoring Organizations to the Treadway Commission, an independent organisation based in the United States dedicated to innovation in corporate governance. At an operational level, the ERM process is aligned with South Africa’s Safety in Mines Research Advisory Committee (SIMRAC) and Australia’s AUS/NZS 4360 standard on risk management.