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Panasonic promotes company-wide risk management activities that cover operations around the world. The aim is to take preemptive actions to eliminate “sources of failure,” which means anything that could impede the accomplishment of business goals. Underpinning this risk management are principles of Panasonic founder Konosuke Matsushita: “Worry earlier and enjoy later than people,” “Cause of failures lie within oneself,” “There is always a 'sign' for everything,” and “Small things can create big problems; you must be alert for signs of change and act accordingly.”
At Panasonic, risk management to eliminate sources of failure functions in tandem with the establishment and execution of management strategies that can create sources of success. Combining these two functions better enables us to accomplish business objectives and increase our corporate value. Disclosing risk information in public in an appropriate way and improving the transparency of our activities, as well as reducing risk by taking preemptive countermeasures gives customers and other stakeholders as well as communities and the public greater confidence in the Panasonic organization.
[Role of Risk Management in Business Management]
Panasonic has a Global & Group (G&G) Risk Management Committee that is chaired by the company president and includes Directors and Executive Officers who oversee corporate functions and divisions. In addition, corporate functions coordinate their efforts through committees associated with risk management. This provides a basis to promote measures throughout the company to deal with risks and to give assistance to business domain companies, related companies and regional headquarters. Risk Management Committees are also established by these business domain and related companies and regional headquarters. Collectively, these units create a global risk management system that spans the entire Panasonic Group.
[Panasonic Global and Group Risk Management Promotion Framework]
Panasonic has three levels of management cycles for risk management: the G&G Risk Management Committee, business domain and related companies, and related functions. We conduct risk assessments once a year in an integrated and comprehensive manner—risks that could affect business management are identified and then evaluated in terms of a single, global set of standards incorporating the potential impact on business operations, probability of risk occurring and other factors, after which the priority of countermeasures is determined. The G&G Risk Management Committee is responsible for identifying Corporate Major Risks that could affect the Panasonic Group based on these assessments, and monitors progress made concerning countermeasures and other activities targeting these risks. Taking this approach allows reinforcing and speeding up of risk containment measures for the entire Panasonic Group. In addition, all business domain and related companies and related functions identify major domain and function risks for their respective activities.
The G&G Risk Management Committee, business domain and related companies and related functions cooperate as necessary in order to enact countermeasures with speed and accuracy for the major risks that they respectively identify. Going one more step, we monitor the progress of the countermeasures and make constant improvements.
[Basic Framework for Risk Management]
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