Woolworths

Policy

Risk Management

Purpose

Responsibilities

The Woolworths Limited Group (“Woolworths”) is

committed to the ongoing development of a

strategic and consistent enterprise-wide approach

to risk management underpinned by a risk-aware

culture.

Woolworths has adopted a 3 lines of defence

model to clarify accountabilities for risk

management across the organisation:

First line of defence - Risk Ownership and

Management

Scope

This Policy applies to every person who works for

Woolworths Limited (Woolworths) in Australia,

New Zealand and overseas. The Policy is supported

by the Enterprise Risk Management Framework.

Policy Principles

1. Risk management must create and protect

value for the organisation and is focused on

sources of uncertainty which may impact the

achievement of objectives.

2. Explicit risk management helps decisionmakers make informed choices with an

understanding and acceptance of any

unintended consequences that may arise.

3. Risk management is tailored to business

context and must be dynamic, iterative and

responsive to change.

4. Risk management must be transparent and

inclusive of all relevant stakeholders to ensure

effective management of risk.

5. The effectiveness of risk management is always

improving through training, ongoing

monitoring, periodic reviews, communication

and collaboration.

Woolworths has adopted the risk management

process described in the Australian/New Zealand

Standard (AS/NZS ISO 31000:2009 Risk

management – Principles and guidelines). This

process is set out in the Enterprise Risk

Management Framework. All risk management

systems and methodologies should be consistent

with this process.

The Management Board is accountable for

periodic review of the Woolworths risk profile,

fostering a risk-aware culture and reporting to

the Audit, Risk Management & Compliance

Committee (ARMCC) on the effectiveness of the

Framework and the organisation’s management

of its material...