Risk management at Sydney Airport is an integral part of our decision-making process and supports our purpose to make Sydney proud every day. It creates and protects value, improves performance, and supports the achievement of objectives.
Sydney Airport’s approach to risk management
Sydney Airport’s risk management framework guides how we identify, assess and manage our risks across the business. It creates an environment where risk taking is based on a calculated process that takes into account and works within the risk appetite set by the Board. It also enables creative, effective and focused decision making to harness growth opportunities in all areas of the business.
We continually evolve, enhance and embed our risk management approach to make sure it keeps pace with the dynamic and ever-changing environment we operate in.
The role of the Board
The Audit and Risk Committee of the Sydney Airport Board is accountable for regularly ensuring the risk management framework is fit for purpose, maintained and implemented across the business; reviewing our group risk profile; and monitoring the implementation of risk reduction and mitigation measures. This responsibility is set out in the Audit and Risk Committee Charter.
The Committee presents the group risk profile to the Board twice a year. The Board and Committee holds the Chief Executive Officer accountable for the management of risk within our risk management framework.
The role of management
Sydney Airport’s leadership team is responsible for the implementation of our risk management framework within their business units. Members of our leadership team provide updates on the management of risks they are responsible for as part of the Audit and Risk Committee’s twice-yearly review of the group risk profile.