We recently established a dedicated function, risk and corporate governance, within the Legal department, which focuses on several key areas.

Firstly, we conduct proactive risk screening and identification. Relevant existing and upcoming regulatory changes are monitored daily via a third-party platform – an AI-powered, enterprise SaaS solution – covering the entire EEA, UK, Switzerland, and Turkey. The intelligence is tailored to our business case and provides all necessary details for further assessment, including the predicted likelihood that proposed regulations will be approved.

Secondly, we carry out enterprise risk assessment, mitigation, and continuity planning. For each identified matter, a comprehensive fact sheet is created, and all business divisions across Europe (12 in total, including business strategy, finance, product, and manufacturing plants) assess the risk of non-compliance with upcoming regulations. They also evaluate the potential impact of non-compliance on each operation, including the severity, likelihood, and necessary mitigation measures. This Risk Committee, organized and steered by Legal, defines the applicable methodology and ensures a uniform taxonomy across the business.

The third area focuses on communication. Once matters are identified and assessments are completed by all business divisions, they are submitted to relevant stakeholders globally. This initiates further residual risk assessments, the definition of risk owners, and the development of necessary mitigating measures.

Lastly, we monitor the implementation of decided mitigation measures. While implementation is carried out by the relevant risk owners – which can include Legal – the process is coordinated and monitored by Legal as the “project manager”. In addition, Legal plays a role in adapting the organization’s legal and compliance policies. This may involve updating contracts, strengthening risk management protocols, or revising crisis response strategies for the future.

Timely identification of emerging risks and their integration across all business units forms the basis for comprehensive reporting. This leads to prioritisation and action planning, ensuring risk mitigation and alignment with both Legal and business strategy. Furthermore, all intelligence results are shared across the organization, fostering a strong governance framework that enables quick decision-making, ensures compliance with corporate standards, and promotes a resilient organisational culture.

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