Page 34 - 2008_2009_Annual_Report

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Key Risks
Risk Management
At SIGA, business risk is defined as the degree of exposure associated with the
achievement of key strategic, financial, organizational and process objectives in
relation to the effectiveness and efficiency of operations, the reliability of financial
reporting, compliance with laws and regulations, and the safeguarding of assets
within an ethical organizational culture.
Principal risks and uncertainties that could affect SIGA’s future business results
going forward is of primary concern.
Risk Management Governance Structure
Although the SIGA Board is ultimately accountable for overseeing risk management
within the Authority as a whole, it has assigned responsibility to the Audit &
Finance Committee to oversee the Authority’s risk assessment and risk management
processes. SIGA senior executive is responsible for ensuring key business risks are
identified, defined and prioritized. Executive risks owners are engaged and charged
with risk mitigation within limits established by the SIGA Board of Directors. This
data is compiled in a corporate risk profile that is reported to the Audit & Finance
Committee on a quarterly basis. Results of the quarterly risk and control assessment
are incorporated into the development strategic planning processes.