Page 38 - SIGA_2010-11 Annual Report

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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.
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 executives are
responsible for ensuring key business risks are identified, defined and prioritized. Executive
risk 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 process.
Key Risks