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Select SDGs to find out how we are taking action in support of the UN Substinable Development Goals
ICL makes considerable efforts to ensure that it complies with the requirements of the authorities and acts in accordance with their instructions.
Regarding environmental issues, ICL’s commitment to the principles of the “Responsible Care” Global Charter serves to integrate the Precautionary Principle. ICL’s approach to product safety includes evaluating its products and assuming responsibility for them over their entire product life. ICL continuously and consistently assesses new chemical products prior to commercialization. In addition, existing products undergo an evaluation process at every stage in their production process and supply chain. ICL allocates resources to conduct research and collect data with respect to its products, as required to create a full characterization of the products’ safety features with reference to human health hazards and environmental threats.
ICL has established formal and uniform enterprise risk management (ERM) policies and procedures according to the COSO risk management methodology. This process has improved management processes and ICL’s ability to attain its goals while protecting the environment and safety of its employees. In addition, during last year, ICL implemented a management system that supports ERM management and the overall process of risk management.
ICL’s ERM activities utilize an integrated business framework and other capabilities to significantly integrate risk management into its business culture. This integration is designed to increase the performance of various ICL business units, support corporate activity, minimize exposure to risks, and recognize opportunities in order to enable strategic achievements.
A comprehensive risk mapping process was conducted throughout ICL’s diverse organizational units. The mapping included risks associated with ICL’s operations, EHS, product regulation and safety, climate change, finance, governance, and others.
Impact is evaluated in accordance with four major categories: financial, operational, compliance and social license to operate. This provides ICL with the ability to analyze and adjust its action plans according to the highest potential risk.
Magnitude of risk is determined by multiplying the identified impact and likelihood scores. The magnitude is divided into three ranges of management according to ICL’s risk matrix.
A mitigation plan is developed for each risk identified in the ERM process and requires monitoring by management.
Progress related to risk development and mitigation activities is reported quarterly in various business divisions. In addition, this progress is reported semi-annually to the GEC and annually to the BOD.
The new risk management system enables ICL to control and mitigate risks in different levels of the organization, using a global perspective.
As part of its first TCFD disclosure, ICL identified climate change risks and opportunities. It also implemented a strategy that it uses to analyze and mitigate the relevant risks. For more information on ICL’s TCFD disclosure see ICL’s 2021 Annual Report (pp.95-104)
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