Effective risk management is an integral part of Olam’s business model and a key success factor for realizing our strategic objectives. Olam has implemented a rigorous risk management framework that identifies and assesses the likelihood and impact of risks, and the actions needed to mitigate the impact across the entire business. Every year we assess the risks that could impact achievement of our strategic objectives at a consolidated level (top-down approach) and on a segment level (bottom-up approach). Among the key risks that escalated in 2019 – and our efforts to mitigate them – include: Agricultural Risk: as climate change becomes more prominent, its impact on agriculture will increase in the future. Many of the 50 risks which are tracked concern agricultural risks e.g. yield risk, and mitigation measures are being put in place accordingly such as drip irrigation on our palm plantation in Gabon. As well as working with farmers on mitigation and adaptation measures, we are exploring other ways to measure climate risk, e.g. climate VaR. The Group’s Chief Risk & Compliance Officer (CRCO) is also a member of the Executive Committee and reports to both the CEO and the Chair of the Risk Committee. The Company’s Risk Appetite Framework (RAF) provides periodic updates on the magnitude of the risks being run across the businesses and regions set against Board-approved boundary conditions. The RAF, GRD and ERS are updated and presented to the Board quarterly.