• To conduct an annual drill in accordance with the Disaster Recovery Plan in the event of a cyberattack or a disaster, causing system failure or equipment damage. • To establish an effective and continually developing Security Operation Center (SOC) to prevent, monitor, detect, analyze, and respond quickly to cybersecurity incidents, along with the creation of a body of knowledge for personnel to learn about effective cybersecurity. • To develop IT operations manual on response to cybersecurity incidents and provide training, disseminate knowledge to, promote awareness among employees on the safe use of computer accessories and software as well as e-mails to protect themselves from computer viruses, malware, or other forms of cyberattacks, with IT support staff on hand to give advice, provide training, issue alerts as well as solving problems for all employees. Emerging Risk IRPC has analyzed ever-changing external factors and risk trends that may pose threats to the company in the next 5-10 years. These may take the form of political, economic, social, environmental, legal, technological risks, etc. IRPC is well prepared to take on such challenges while pursuing new opportunities as they present themselves. Risk Management Guidelines 1. Energy Technology Risk for Vehicles Risk of a shift in consumer preference from internal combustion engine vehicles in favor of electric vehicles or those powered by other renewable energy, with improved technologies at lower price points. Diminishing EV range anxiety coupled with incentives offered by the government and the promotion of Thailand as a regional base for EV manufacturing, are driving electric vehicle demand. This will result in declining sales of IRPC’s fuel and lubricant products. Risk management measures The company has therefore formulated a long-term risk management plan with the strategy to gradually move away from petroleum products towards higher value-added petrochemicals, targeting Health & Life Science and Advanced Material segments along with emerging opportunities to tap into the plastic automotive parts and components that will raise the total added value of the company’s product lines. 2. Climate Change Risk: The increase in frequency and magnitude of natural disasters in recent years is linked to climate change, attributed mainly to human activities, particularly greenhouse gas emissions. At the latest summit of the United Nations Convention on Climate Change (COP27), Thailand delivered a progress report on the implementation of its long-term climate strategy. The Thai government reiterated its commitment to achieving Carbon Neutrality by 2050 and Net Zero Greenhouse Gas Emissions by 2065. Risk Management Measures To meet Public sector’s policy and achieve national and international goals, as a part of Private Sector who has responsibilities and awareness of climate change risk, IRPC has targeted following goals: 20% reduction of CO2 emissions by 2030, Carbon Neutral by 2050 and Net Zero emissions by 2060, including studies on the application of Carbon Pricing in assessing the cost-effectiveness of future projects, putting in place measures to reduce GHG emission intensity, such as improving energy efficiency in its production processes, thereby reducing fuel combustion. IRPC has piloted a voluntary assessment as per the Carbon Footprint Organization (CFO) assessment guidelines in collaboration with the Department of Industrial Works and Thailand Greenhouse Gas Management Organization. (TGO), and implemented projects using solar panels to generate electricity, along with stepping up preparedness to export its products to countries that impose carbon tax under the Carbon Border Adjustment Mechanism (CBAM) in Europe. 56-1 One Report 2022 98 IRPC PUBLIC COMPANY LIMITED
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