Westfield Corporation | Sustainability Report 2018 | 64
6.0 GOVERNANCE AND RISK MANAGEMENT
The Enterprise Risk Management
Policy operates in conjunction with the
Enterprise Risk Management Framework.
The Enterprise Risk Management
Framework establishes a framework
for identifying, assessing, controlling,
reviewing and reporting on risk. The
Framework is applied by the various
business units within Westfield
Corporation in order to identify, assess
and manage the risks which may
impact our ability to meet our business
objectives. This is done in each
jurisdiction in which Westfield operates,
for each business unit and at a corporate
level. The result of the business analysis
is a risk register which is a detailed
analysis of the major risks in Westfield
Corporation’s business and how we
intend to manage those risks.
Risk management is not new to
our business. Many of the practices
documented as part of this process have
been embedded in the business for many
years. Given the size and geographic
scope of Westfield Corporation’s business,
we need to ensure that we adopt a
comprehensive approach to the issue
of risk management. The Framework
operates to provide the basis for a
systematic approach to the identification
and management of risk.
Assessment of material economic,
environment and social sustainability
risks form part of Westfield Corporation’s
Enterprise Risk Management Framework
and operates to provide the basis for a
systematic approach to the identification
and management of risk.
In line with the ASX Corporate
Governance Principles
and Recommendations
(Recommendation 7.4), Westfield
Corporation conducted reviews
in 2017 to identify any material
economic, environmental and
social sustainability risks that could
impact the business. Westfield
Corporation periodically reviews
and publishes potential business
risks. Further information will be
provided in the securityholder
booklet in relation to the proposed
combination with Unibail-Rodamco.