Risk is inherent in all Colorpak’s activities. Within the context of Colorpak, Risk is a potential negative event or the failure to take advantage of an opportunity that may prevent the organisation from meeting it’s objectives.

A formal approach to the management of risk is regarded as sound management practice and a mandatory requirement of Australian Stock Exchange Listing Rule 7 "Recognise and Manage Risk". The ongoing identification and assessment of strategic, operational and emerging risks, together with the assessment of the adequacy of management control practices are central principles of Colorpak’s approach to risk management. The assessment of risk is conducted in accordance with predefined criteria which reflect the risk tolerance acceptable to Colorpak. Allocation of responsibility, implementation of adequate control measures and ongoing reporting of risks at the appropriate level are fundamental activities incorporated into Colorpak’s systematic approach to risk management.

This systematic approach to risk management ensures a shared understanding of risk, a consistent response to unacceptable levels of risk and a balance between the cost of risk and anticipated benefits. It is Colorpak’s goal to manage risk in a manner which maximises our opportunities and minimises potential negatives.

Risk management is a valuable management tool which assists all staff, the management team and the Managing Director to make informed decisions with the confidence that risks have been given due consideration.

Minimum Risk Standards

Colorpak is committed to maintaining the following minimum standards for implementation of an integrated and effective Risk Management Program.

The Colorpak risk management program must include the following:

1. Continuous identification of risks and the implementation, operation and monitoring of internal controls;
2. Training and guidance of all relevant employees in the management of risks generally, with relevance to their job roles and, where applicable, training and guidance to suppliers and other third parties;
3. Management reporting, monitoring and action to address significant risks adversely affecting the company;
4. Implementation of loss prevention and control measures to reduce the risk of loss, injury, or damage;
5. Maintenance of the highest practicable protection standards against losses to assets and service interruption;
6. Efficient management of information, records and loss recording systems;
7. Implementation of proactive strategies to limit the liability of Colorpak and protect its reputation now and in the future;
8. Crisis management and recovery by planning for significant risks; and
9. Cost benefit management of insurance and other risk control programs.

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