Coway analyzes and manages risks that may arise in its business activities by operating the Risk Management Committee. Discussions are held in groups to draw solution measures and directions for risks that may consistently arise in the company.
Each division of Coway proactively manages major risks relating to its business activities. Financial risks, including market, credit, and liquidity risks, and non-financial risks, including compliance and policy risks, are actively managed.
In response to the risk management policy approved by the Crisis Management Committee, specific activities are carried out through each business unit. It identifies, evaluates, and prevents risks under mutual cooperation. When risks are found, the relevant information and risk level are analyzed, and a Crisis Response Team and Correspondent Organization Team It is monitored continuously even after the crisis is resolved.
BUSINESS STORY
In implementing sustainability management, Coway proactively identifies and regularly monitors emerging risks factors.
| Risk Factors (Risk Factors) |
Risk Impacts (Risk Impacts) |
Mitigation Actions (Mitigation Actions) |
|---|---|---|
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Supply network risk management is an essential part of our management activities because we need to maintain strong relationships with our suppliers who provide various materials and components that are necessary for producing our products and services. Moreover, there is heightened social awareness of fair trade and shared growth, as well as a strong demand to extend the scope of sustainable management to suppliers. Against this backdrop, the importance of strengthening supply network capacity and managing CSR to secure long-term corporate competitiveness is now stronger than ever. | |
| Select and manage fair and transparent supplier | ||
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Given the nature of the rental business, we collect personal information from our customers. It is, therefore, strongly demanded of us that we protect our customers' personal information and take precautionary measures to proactively manage risks related to information leakage and security incidents. New products and services enabled by the adoption of IoT (Internet of Things) and other technologies have increased security risks. Moreover, we are required to strengthen our privacy protection activities as we collect and use our customers' personal information when providing our goods and services. | Strengthen information protection activities |
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Demographic changes including an aging population and low birth rates are transforming our society. Currently, the number of one-person households in Korea is rising at a rapid speed. According to Statistics Korea, one-person households will account for as much as 34.3% of the total Korean population by 2035. As we respond to the various demands posed by demographic changes, we must develop products and services that meet the needs of one-person households. | Analyze customers based on CMI and Big Data |
