RISK MANAGEMENT - AVD(*)

(*)AVD: Additional Voluntary Disclosure.

TAQA Morocco has a risk management system that enables it to systematically identify, analyze, evaluate, manage and control the limits of acceptable risk levels according to uniform and coherent criteria.

The TAQA Morocco risk management system is inspired by the ISO 31000 standard, and a further iteration is anticipated that will incorporate the COSO (Committee of Sponsoring Organizations of the Treadway Commission) framework.

Risk management policy

This policy, approved by the Supervisory Board, through the Audit Committee, is designed to establish the principles and guidelines of the Risk Management System.

Characteristics of the risk management policy:

• Identifies the different categories of risks.
• Establishes the acceptable levels of risk.
• Provides action guidelines for managing and mitigating these risks

Risk management allocation of responsibilities

 

Managing ESG risks
TAQA Morocco’s ESG strategy integrates the five components of the COSO ERM Framework with respect to ESG risks.
1. Governance and Culture for ESG risks
2. Strategy and Objective-Setting for ESG risks
3. Performance for ESG-related risks
 a. Identifies risks
 b. Assesses and prioritizes risks
 c. Implements risk responses
4. Review and Revision for ESG-related risks
5. Information, Communication and Reporting for ESG-related risks.