Risk is an inherent part of conducting global business. Wabtec regularly identifies and monitors business risks through a robust internal management system and engages in constructive regulation and public policy discussions that benefit employees, customers and shareholders. We manage operational, strategic, financial and compliance risk in several ways, including but not limited to the Enterprise Risk Management (ERM) process.
Each year, we conduct a comprehensive and rigorous enterprise risk assessment by reviewing risk information from multiple sources, including business units. The results of this ERM risk assessment are incorporated into future action plans to mitigate the identified risks. These risks cover a broad range of issues, including legal and regulatory compliance. On an ongoing basis, reporting metrics and data aligned too identified risks are regularly reviewed by management, including Compliance, HR, Legal and Internal Audit, as well as summary reporting metrics are shared with Wabtec’s Board of Directors.