Enterprise Reputation and Risk Management
Heinz employees globally work more than 62 million safe hours annually and produce tens of billions of defect-free products each year.
Heinz Enterprise Value and Brand Equity efforts focus on the following key areas:
- Company reputation and brand image
- Food safety and quality
- Employee health and safety
- Physical assets
- Processes and systems
- Customers and suppliers
- Other intangible assets (e.g., trademarks, consumer and customer relationships)
Heinz incorporates a broader integrated operational approach to the Enterprise Reputation and Risk Management (ER²M) function. The Office of Risk Management was established at World Headquarters and it includes ER²M, Food Safety and Quality, and Operational Risk Management functions. This department reports to the Audit Committee of the Board of Directors as needed. Our approach to risk management has enabled the Company to meet two primary reputation-related goals: Do the common thing uncommonly well, and become the best food company.
Our ER²M priorities to date have been focused upon:
- Establishment of ER²M structure
- Development of Heinz ER²M Methodology
- Conducting top-down and bottom-up risk assessments
- Mitigation of top risks
- Standardization of Operational Risk Areas:
- Risk assessment approach
- Common ways of working
- Key Performance Indicators
- Ongoing communication of top risks to Executive Management and the Board of Directors
Through collaboration across functional areas and geographic regions, the Risk Management team:
- Generates awareness and identifies potential risks and opportunities;
- Evaluates and establishes acceptable risk tolerance levels;
- Ensures alignment of Heinz policies, standards, best practices and ways of working; and
- Facilitates development of risk mitigation solutions and measurement.
Leaders at Heinz are risk aware but not risk averse in areas in which risk is consistent with our principles. Effective enterprise-wide risk management has helped the Company to achieve our short- and long-term business objectives while protecting our reputation and brands.