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.

We operate a group-wide quality management system which we refer to as the Boskalis Way of Working (WoW). In designing this system, we observed the principles and guidelines of the ISO 31000 standard for risk management. The overriding objective of our WoW-system is to give our staff the best possible support in achieving operational excellence throughout the project lifecycle, with a clear focus on safe and sustainable solutions as well as a consistent client approach. 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.

We monitor compliance and identify opportunities to further improve our performance by conducting regular internal audits, inspections, emergency drills, and management reviews. For all business units, external certification bodies have asserted that the implementation of WoW complies with the most recent applicable international (ISO) quality, safety and environmental standards. During the year under review we have continued our efforts to further improve and harmonize (the documentation of) this system.

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.

Below sets out an overview of what we currently consider to be the most important strategic, operational, compliance, financial (reporting) and other risks we face in pursuing our business objectives. This overview is not exhaustive and risks have not been ranked in order of importance. There may be other risks which we currently do not consider to be significant but which at a later stage may manifest themselves as such. Where possible, we have indicated the specific measures in place to help mitigate these risks.

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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