In 2018, we enhanced our enterprise risk assessment, a key component of the company’s enterprise risk management (ERM) procedures that are used to identify and mitigate emerging and high risks. As we conducted our first comprehensive GSR priority assessment, we took the opportunity to align the processes, allowing for the GSR priority assessment to inform the enterprise risk assessment and ultimately the company’s risk profile.1
Another key component of our ERM program is Mylan’s Risk Oversight Committee. This committee was formed by our Board of Directors to support its supervision of the company’s enterprise risk management framework. Together with the Board’s Audit Committee and the Compliance Committee, it cohesively addresses the effectiveness of Mylan’s internal controls over financial reporting and the implementation of the company’s Corporate Compliance Program and Code of Business Conduct and Ethics.
To operationalize our Enterprise Risk Management (ERM) program, Mylan established a Risk Management Team (RMT) in 2018 to identify risks and opportunities and to evolve organizational readiness. It reports to Mylan’s Executive Governance Team and includes many of Mylan’s most senior leaders as well as Mylan’s Head of Global Sustainability and Head of Global Internal Audit.
As we expand into new geographies, safeguarding integrity in business conduct is key. Mylan has well-established procedures to identify, implement, mitigate and monitor risks as part of expanding our business. More specifically, risks associated with expansion into new geographies are an element of our ERM program.
1For more detailed information about the risks and uncertainties associated with our business activities see our Annual Report on form 10-K for the year ended Dec. 31, 2018