The company's organization, procedures, and systems give it a strong basis on which to manage the risks it is exposed to. Risk management is an essential element of the group's decision making processes, both in its corporate governing bodies and in business management.
Additionally, in 2013 Repsol decided to move toward an integrated management model in order to predict, manage, and control risks at a global level. The Risk Policy Division, within the Corporate Division of Planning, Control, and Global Solutions, is responsible for coordinating and driving the management of existing risks. It ensures that risk management has an integrated focus with the Repsol Integrated Risk Management System (IRMS).
Repsol’s commitment to implementing the IRMS is expressed in its Risk Management Policy. Its risk management principles are set out in the new norm on Integrated Risk Management approved by the Company's Executive Committee. This new management model is inspired by the international reference standard ISO 31000 and the Three Lines of Defense model.
The pillars of the IRMS are:
Repsol senior management views the IRMS not only as a tool for defining the company's strategy, but also for improving operations and addressing critical situations with flexibility, coming out stronger than before it began.