Wednesday 30 September 2020

Managing risks and opportunities

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In 2007 TITAN Group engaged in a wide range assessment of its CSR and sustainability performance starting from the Greek region. The main objectives were to identify relevant and significant issues for TITAN operations and its key stakeholders. An on-going self-assessment process focused on continuous self-improvement is developing step-by-step and expanding each year. In 2010 the scope of this process, incorporating independent and external, as well as internal assessments, has covered all wholly owned TITAN Group operations. The outcomes of this 4-year long cycle are presented in this Report. Mapping of significant issues for TITAN and its stakeholders follows AA1000SES international standards and particularly the principles of «relevance», «inclusiveness» and «materiality».

All issues either related to TITAN business or important for stakeholders are included in the agenda of specialized workshops and interviews with TITAN’s management and representatives of different functions and operations. Stakeholder forums, communication days, interviews, meetings and surveys provide direct feedback to TITAN management.

The TITAN Group CSR Committee directs all efforts and reviews the outcomes of the stakeholder engagement process, specialized workshops; internal and external audits which are all tools employed to map and prioritize potential risks and opportunities.

In 2010 the Group CSR Committee assigned to an external expert the task of integrating new and more advanced risk assessment tools in the current environmental, health and safety management systems.

Social risks are closely related to local conditions, including political, societal and cultural perceptions and prevailing attitudes. All relevant parameters are included in socio-economic risk assessments as a standard process both in starting new operations and throughout the development of TITAN activities. The outcomes of relevant assessments provided by international organizations such as the Transparency International Perception Index referring to bribery and corruption are also examined and analyzed in this context on an annual basis.