Led by its Risk Management Steering Committee and with oversight by the Board of Directors, management conducts an annual Enterprise Risk Management process to identify the top risks relevant to the company and then ensures that these risks are properly monitored or mitigated in the near term and considered in the longer term as part of our strategic planning.
The results of the 2020 process for the year ended December 31, 2020, and the top risks include: Competition, Geopolitical Uncertainty, Technology Innovation, Mergers & Acquisitions, Intellectual Property and Cyber Security.
With respect to climate risks, specifically the two major categories of risks identified by the Task Force on Climate-related Financial Disclosures (TCFD):
- Transition Risks (risks associated with the transition to a lower-carbon economy). As discussed in this ESG Report, Rogers products are used extensively in applications that support the transition to a low-carbon, energy efficient economic system, such as wind & solar, mass transit and electric vehicles & hybrid electric vehicles. Further, Rogers is committed to meeting or exceeding the public policies that promote sustainability and environmental stewardship through compliance with applicable laws and regulations in all of the communities in which we operate.
- Physical Risks (risks associated with the physical impacts of climate change). We have established facility-specific business continuity plans to provide clarity for timely operational recovery in the event of disruption, including multi-site production capabilities and supplier contingency planning. These plans were essential in 2020 to respond to some of the operational changes associated with the COVID-19 pandemic.
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