The spread of COVID-19 pandemic has severely impacted human livelihoods and business operations causing global economic disruption. It has affected supply chains resulting in business closures, job retrenchment, and decline in consumption of goods. Therefore, successful management of risks from COVID-19 pandemic is vital to business survival. ThaiBev has implemented measures to mitigate risks to employees, relevant parties, or business operations and continues to create value for society. ThaiBev implemented the following risk management measures during the COVID-19 crisis:
- Conducted business operations in alignment with governmental policies and measures on COVID-19 by focusing on production and logistics of finished products as well as providing services that are essential to society.
- Implemented health prevention, safety and wellbeing measures for employees, business partners, and members of Thailand Supply Chain Network (TSCN).
- Provided assistance to control and prevent the spread of COVID-19 through own initiatives and collaboration with external organizations and business alliances.
- Contributed to economic and social recovery particularly the economy at grassroots and community levels.
By implementing the above measures, ThaiBev was able to manage the impact of COVID-19 pandemic on business and stakeholders promptly allowing ThaiBev to continue business operations without interruption during COVID-19 crisis.
For the risk management under uncertainties or in times of crisis to be effective and efficient, a clear enterprise risk management framework and systematic risk management process are the key element and foundation. ThaiBev’s enterprise risk management framework based on the COSO: Enterprise Risk Management Framework has been implemented with the following key components:
covering Board of Directors, Sustainability and Risk Management Committee, Audit Committee, Executive Committee, Corporate Sustainability Development Committee, Specific Committees appointed by the Management Committee, Sustainability Development Working Team, Corporate Risk Management Working Team, and the risk coordinators of product groups or business units.
all functions align on such commitment for food and beverage business by analysing and monitoring risk factors and significant future trends that may affect business operations or corporate strategies.
from corporate to operating levels by collecting information, identifying and assessing key risks, and establishing strategies and systematic approaches for managing risks, including creating new business opportunities in line with the strategies and the sustainability materiality of ThaiBev.
at all levels, ranging from departments, subsidiary entities, business units, product groups to the corporate level, in a clear and continuous manner. For example, the progress of sustainability projects or risk management activities, potential risks that may impact ThaiBev, risk indicators, etc.
through training, processes, and activities for executives and employees at all levels throughout the organization to create awareness on the importance of the sustainability and risk management to encourage engagement in the sustainable development and risk management of the organization.