Risk Management Policy

 

This policy applies to Cooper Energy Limited and all of its subsidiaries (Cooper Energy). It outlines the approach of Cooper Energy for risk management to be adopted by its officers, staff and contractors.

It is the policy of Cooper Energy to achieve best practice in management and decision making by managing risk to the benefit of all stakeholders in a manner consistent with the Cooper Energy Values. “Best practice” recognises the activities and size of Cooper Energy and its assets and is fit for purpose having regard to these attributes.

Cooper Energy recognises that business decisions entail calculated risks, and managing those risks within sensible tolerances is fundamental to:

• protecting its people, communities, environment, assets and reputation;
• ensuring good governance and legal compliance; and
• realising opportunities and delivering long-term shareholder value.

Risk Management forms part of all strategic, operational and division management responsibilities. It should guide decision making and form an integral part of Cooper Energy’s culture.

Cooper Energy manages risk in a manner consistent with AS/NSZ ISO 31000:2018 Risk Management – Guidelines. The objectives of Cooper Energy’s Risk Management System (CERMS) are:

• To ensure risk management is adopted throughout Cooper Energy to achieve best practice in management and decision making.
• To ensure Cooper Energy’s risk appetite is understood throughout the company to guide decision making in support of the Cooper Energy Values and expectations.
• To maximize the opportunity for Cooper Energy to deliver on its strategy and objectives and to ensure realistic stakeholder expectations are achieved or exceeded.
• To ensure alignment with regulatory requirements and community expectations including health, safety, environmental, legal, and financial requirements.
• To ensure each significant business activity has adequate processes, business continuity and disaster recovery planning.
• To ensure Cooper Energy’s management and officers are aware of uncertainties related to the achievement of business objectives, and to appropriately manage risk and return.
• To create a culture of risk management where all staff and contractors understand and actively contribute to the identification and management of risk.
• To evolve by continually reviewing the effectiveness of risk management and implementing improvements.

The Managing Director is accountable for communicating this Policy and for ensuring compliance with its undertakings.  Other members of the Executive Leadership Team shall ensure the effective implementation of this Policy. All Staff are responsible for compliance with this Policy, the CERMS Standard Instruction (COE-RM-STI-0001) and the CERMS Procedure (COE-RM-PCD-0001).

This Policy will be reviewed at appropriate intervals and revised as necessary.