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Like the compliance management system, the risk management system is part of the second line of defense in the Schaeffler Group’s governance structure. It comprises all activities and arrangements made to identify, assess, manage, and monitor risk. A risk is defined as the danger that events or actions will prevent a company from achieving its plan or successfully implementing its strategies. For all identified risks, the probability of occurrence and possible impact on achieving objectives are continually identified, assessed, appropriate action initiated and followed-up on.
More on the company’s risk management system in chapter "Report on opportunities and risks".