Enterprise Risk Management System

 

OTE Group has developed and implements an Enterprise Risk Management (ERM) System that supports Management in its strategic decisions, through the identification, evaluation, communication and management of enterprise risks.

In this context, the OTE Group ERM System defines the strategy for monitoring, response and management of enterprise risks, in order to:

• Ensure that existing OTE Group risks are systematically identified, analyzed and evaluated and that information relevant to risks and corresponding opportunities is promptly communicated to the competent decision-making bodies..
• Record OTE Group response to identified risks as well as to evaluate mitigating alternatives (such as transfer the risks to third parties, e.g. insurance companies).
• Establish tolerance limits (thresholds) for each level of risk assessment and evaluation. In case these limits are exceeded, relevant reporting takes place.
• Implement a common methodology across the OTE Group for the identification, evaluation and management of enterprise risks.

Methodology

The OTE Group ERM System is based on the COSO ERM standard , and the ISO 31000:2018 "Risk Management - Guidelines"standard , while its main objective is to safeguard the smooth operation and the future corporate success of OTE Group.

At OTE Group, Risk Assessment is a structured process for risk identification, analysis, evaluation and management of enterprise risks, in order to ensure better decision making by the Company's competent bodies and that appropriate mitigation has been developed to address these risks and monitor the implementation of relevant measures..

In this context, a common Risk Assessment methodology is being applied to all risk assessments that are being performed by business units, with specific criteria for risk evaluation and assessment, in accordance with the requirements of the Standard ISO 31000 and based on the unified ERM OTE Group methodology. The same methodology is also being used in order to determine the risk impact and severance of each material topic, concerning the evaluation and analysis of material sustainability issues (Materiality Analysis) for the Group. The results of all individual risk assessments performed by business units and Group subsidiaries are included in the OTE Group Corporate Risk Register, for the systematic analysis and monitoring of enterprise risks, facilitating and supporting the implementation of effective risk management practices.

The OTE Group Enterprise Risk Management Framework is illustrated in the following figure:   

                                                 
                
RMS Operation

Τhe Business Unit of Executive Director Compliance, Enterprise Risk Management & Insurance OTE Group, which is responsible for the planning and adoption of the ERM System, reports directly to the Company's Board of Directors. The Business Unit is, inter alia, responsible for the maintenance and continuous monitoring of the OTE Group Corporate Risk Register, which is the central repository of all Group risks.

For the implementation of the ERM System, Risk Managers have been designated at the business units as well as at the Group subsidiary companies, including our Company. The tasks of Risk Managers include the reporting and monitoring of the risks managed by their business units / subsidiary companies of the Group, in compliance with the OTE Group ERM methodology.

Moreover, the OTE Group Compliance, Enterprise Risks & Corporate Governance Committee has been established. The main purpose of the Committee is to support and monitor the implementation of the Compliance Management (CMS), Risk Management (RMS) and Corporate Governance Systems.
 

 

We use cookies on our website to improve our service to you, by continuing you agree to our use of cookies. However you are able to update your settings at any time.

Cookie Policy

A cookie, also known as an HTTP cookie, web cookie, or browser cookie, is a piece of data stored by a website within a browser, and then subsequently sent back to the same website by the browser. Cookies were designed to be a reliable mechanism for websites to remember things that a browser had done there in the past, which can include having clicked particular buttons, logging in, or having read pages on that site months or years ago.

Strictly Necessary Cookies
These cookies cannot be disabled

These cookies are necessary for the website to function and cannot be switched off. They are normally set in response to your interactions on the website e.g. logging in etc.

Cookies:
  • .ASPXANONYMOUS
  • .DOTNETNUKE
  • __RequestVerificationToken
  • authentication
  • dnn_IsMobile
  • language
  • LastPageId
  • NADevGDPRCookieConsent_portal_0
  • userBrowsingCookie
Performance Cookies

These cookies allow us to monitor traffic to our website so we can improve the performance and content of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we will not know when you have visited or how you navigated around our website.

Cookies:
  • _ga
  • _gat
  • _gid
Functional Cookies

These cookies enable the website to provide enhanced functionality and content. They may be set by the website or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly.

Cookies:

Currently we are not utilizing these types of cookies on our site.

Targeting Cookies

These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.

Cookies:

Currently we are not utilizing these types of cookies on our site.