Centerra has implemented an Enterprise Risk Management (ERM) program to ensure risk-informed decision making throughout the organization. The program is based on leading international risk management standards such as ISO 31000 and COSO as well as industry best practices. It employs both a bottom-up and a top-down approach to identify and address risks from all sources that threaten the achievement of our objectives. All operating sites and projects are responsible for identifying, assessing, treating and monitoring risk. Efforts are coordinated by appointed “Risk Champions” who facilitate the process to ensure consistency and continuity. Centerra’s Corporate office–based Vice President, Risk and Insurance is responsible for providing the requisite tools, guidance, oversight and strategic direction for the ERM program.
The risk management program at Centerra considers the full mining lifecycle, from exploration through to closure. Every aspect of our operations, as well as the needs and circumstances of our stakeholders, is considered when identifying risks. As such, our risk program encompasses a broad range of risks, including technical, financial, commercial, social, reputational, environmental, health and safety, political and human resources–related risks. The Board of Directors for Centerra has created a Risk Committee, whose mandate is ERM governance and oversight. Centerra’s Vice President, Risk and Insurance prepares and presents a quarterly report for the Risk Committee on the key strategic, operational, project and exploration risks, as well as emerging risks.
ERM supports continuous improvement throughout the organization as risk information is used to navigate and make course corrections. The resulting improvements in business performance and resilience help create stakeholder value.