Effective management of both risks and opportunities is essential for the successful realization of the group’s strategy and plans. The proper identification, assessment and management of risks and opportunities – notably with respect to tendering, preparation and execution of projects – is an integral part of our management approach.

Our tolerance or appetite for risks is documented in the Group’s guidelines, policies, procedures and instructions. Examples include the General Code of Business Conduct and the Supplier Code of Conduct, safety and quality policies and procedures, vendor selection criteria, project risk classification system, contracting guidelines, authorization limits, treasury policies, management planning and control systems, financial control framework, crisis management plans, information security and access management policies.

During 2017 we have made considerable progress with implementing a new, group-wide quality management system. We refer to this quality management system as the Boskalis Way of Working (WoW). The overriding objective of our WoW-system is to give our staff the best possible support in achieving operational excellence when concluding and executing projects. Operational excellence in this context means achieving compliance with the internal and external control requirements imposed on our primary project process whilst minimizing failure costs. Expectedly, WoW will be fully implemented by the end of 2018.

Strategic and market risks

Despite the positive long-term growth prospects, our markets can be regularly negatively impacted by factors outside our control, certainly in the short and medium term.

Operational risks

The operational risks faced by Boskalis are diverse in nature, particularly because the group conducts various types of activities around the world within the three divisions.

Financial risks

In conducting its business, Boskalis is exposed to various non-operational financial risks. This section describes the main categories of financial risk.

Other risks

Boskalis is active in numerous countries and has to deal with diverse legislations and regulations.

Internal risk management and control systems

The internal risk management and control systems of Boskalis are based on the principles of effective management control at various levels in the organization and tailored to the day-to-day working environment in which the company operates worldwide.

Risks with regard to financial reporting

The accounting and control systems of Boskalis are safeguarded by unambiguous periodical internal and external audits.

Evaluation of risk management and internal control systems

Major organizational changes have been implemented in order to accommodate the rapid growth that Boskalis has experienced in recent years, including the introduction of a divisional structure.

Overview of risks

An overview of the key strategic, operational and financial risks and the risks with respect to financial reporting is given in individual sections.

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