• Managed inventories of crude oil, petroleum, and petrochemical products at optimal levels to prevent impact from stock loss. • Entered derivative contracts with set targets on price, volume, and period for risk management that were appropriate for and consistent with IRPC’s business plan under the supervision of the Hedging Committee and the Risk Management Committee. Operational Risk IRPC did not compromise on employees, personnel and stakeholders’ life, safety and wellbeing or the need to prevent serious environmental impacts. The company has thus implemented operational risk management encompassing the production and auxiliary processes that have a great bearing on all stakeholders, such as loss of production. Such risk management consists of risks to the life and safety of employees within the company’s premises, risks to the environment and community, etc. The company’s approach to operational risk management is as follows: • Reduced risk of accidents in the workplace that could result in loss of life or property damage and the corporate image or operating results. IRPC has consistently promoted a culture of safety and safety awareness through the Strengthen Safety campaign, consisting of activities to enhance communication, deliver safety messages, build safety knowledge and understanding along with strict enforcement of safety regulations. Other safety awareness campaigns included Goal Zero – One Day Safety at Work project, Safety Walk & Talk project. In addition, the company has also introduced the Process Safety Management, Incident Management System (idMS) to analyze the root cause of incidents in order to develop the optimal safety solutions. • Mitigated risk arising from COVID-19 pandemic even as the country began easing restrictions. IRPC has put in place and maintained operational risk management oversight to ensure enforcement of COVID-19 risk assessment and the use of rapid antigen test kits (ATK), and to set up Bubble Zone as well as work from home arrangement. Such measures were enhanced by additional guidelines for planned maintenance to minimize downtime or disruptive events that could threaten business continuity. • Enforced plant reliability to ensure high efficiency, smooth production processes, and prevented unplanned disruptions that may affect the delivery of products to customers as well as lessened impacts on safety, environment, or corporate image. To minimize risks, IRPC has also introduced Design Integrity Improvement to ensure the reliability of the production process to efficiently and effectively deliver products according to the predetermined production plans. • Controlled environmental risks arising from the emission of volatile hydrocarbons from the production process, which may adversely affect the health of workers and communities around the production complex. IRPC has established guidelines to reduce environmental risks by imposing enterprise-wide environmental management under ISO 14001 Environmental Management System, ISO 50001 Energy Management System, along with strict compliance with current laws and regulations as well as relevant standards. • Prevented risk of community or public grievances arising from the company’s operations. In 2022, IRPC implemented planned maintenance, including activities that could lead to complaints, litigation or disputes with surrounding communities or even public protest. The company has consistently taken proactive measures, including public communication, information dissemination to promote mutual understanding and build good relationship with communities surrounding its production complex. In addition, the company has made positive contribution to the society by operating its businesses with a high level of corporate social responsibility. • Ensured business continuity and built confidence among all stakeholders by developing a risk management system that meets the ISO 22301:2019 Business Continuity Management System to mitigate impact from threats to business continuity, such as natural disasters, cyberattacks or COVID-19 pandemic, etc., that could otherwise cause serious business disruption. 95 Risk Management IRPC PUBLIC COMPANY LIMITED
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