Entrepreneurship involves opportunities and risks. In order to maintain its competitiveness, the HOCHDORF Group implemented a company-wide risk management system in 2007. There is a specifically designated department for risk management, which reports directly to senior management. Special risk management committees can be formed in the event of particularly pressing concerns. These committees have the expertise and the decision-making power to address special issues.
Managing opportunity and risk is important for securing and protecting future competitiveness. Annual risk assessments raise the risk awareness of both managers and employees alike. The risk assessment includes all business processes and reports on the following areas:
- strategic risks (risks arising from the development and position of the company)
- market risks (sales market risks)
- financial market risks (investment and financing risks)
- political risks/legal risks/organisation and management
- performance risks (risks in production and procurement as well as research and development)
A risk report including risk assessment is published each year in the business report notes for the HOCHDORF Group's consolidated annual accounts.