Satara recognises that risk management is an integral part of good management and corporate governance best-practice. Furthermore, it is fundamental to driving shareholder value across the business.
Risk management is strongly promoted internally.
Risk Profile and Policies
The board determines the overall risk profile of the business and is responsible for ensuring the maintenance of adequate risk management controls and reporting mechanisms in relation to risk management.
The board seeks to ensure:
- Principal strategic, financial, operational and compliance risks are identified.
- Systems are in place to assess, manage, monitor and report on those risks, and those systems are operating effectively.
- Management comply with board approved policies.
- Internal controls are operating effectively across the business.
- The group is in compliance with relevant laws and regulations relating to its activities.
Risk Management Systems and Processes
The Group General Manager is responsible for the maintenance of an effective control environment to manage the significant risks to the company’s operations. This environment includes the following components:
- Clearly defined management responsibilities, management accountabilities and organisational structure to mitigate risk.
- Established policies and procedures that are understood by all employees.
- Comprehensive training programs for staff in relation to operational practices and compliance requirements.
- Strong management reporting framework for both financial and operational information.
- Benchmarking across facilities to share best practice and further reduce the operational risk profile.
- Group insurance program.
Satara’s growing and fruit handling activities are subject to New Zealand law. These laws cover areas such as chemical handling on orchards, hygiene requirements for fruit handling, workplace health and safety, and privacy of information.
Satara’s post harvest facilities and orchard operations are required to meet and remain compliant with set performance criteria determined by government and industry bodies.
In support of this Satara has established operating policies and procedures that are overseen by internal and external quality assurance and health and safety managers who review operational compliance.
In addition internal quality assurance staff are required to be registered and accredited by ZESPRI. This accreditation is subject to regular, random audits.
Through these systems and processes Satara believes it has in place an effective system of risk oversight and management across its business operations.