Last Updated: 2020.06.30
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Our Approach to Risk Management
Fast Retailing believes that preventing actual or potential risks by calculating unforeseen risks such as large-scale natural disaster or leakage of customer information, and ensuring appropriate risk management are essential to the sustainable growth of its business. The company regularly identifies potential risks to its operational activities, and is always seeking to strengthen its frameworks for specifying and managing significant risks.
Risk Management Framework
Fast Retailing has established a Risk Management Committee under the direct jurisdiction of the Board of Directors. The Risk Management Committee, chaired by the Group CFO, is responsible for the central management of group-wide risks. The Committee analyses and evaluates the frequency and impact of any risk on operations, debates countermeasures in the order of risk priority and seeks to contain any risk before it occurs. The Committee also submits reports on significant risks to the Board of Directors, and provides concrete support to individual departments on risk management and countermeasures.
Information Security Framework
Fast Retailing has been working to strengthen its information security frameworks in response to our increasingly global operations, a rising proportion of online sales, and increasingly strict laws relating to the protection of personal information in countries and regions around the world.
We established an Information Security Office under the direct jurisdiction of the Group Chief Security Officer (CSO), the executive director responsible for information security. We also determined some Basic Rules on Information Security and some Basic Rules on the Handling of Personal Information to strengthen company information management frameworks and practices. To instill a deep understanding of the importance of information security, regular e-learning and other education and awareness programs on information security for employees are also conducted.
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Crisis Management Framework in Times of Natural Disaster
Fast Retailing has put in place a crisis management framework to use if a natural disaster occurs in areas where it have store operations. We offer swift support to secure the well-being of our customers and employees, and help restore store operations. In the event of a major natural disaster, each operation's sales support department sets up an emergency response headquarters enabling us to confirm people's safety and gain a swift understanding of any store damage. Depending on the extent of any damage, we decide if a store can continue operating or not, and inform customers of our decision. In the event of extensive damage, we will establish an emergency response center headed by the Fast Retailing president, chairman and CEO to formulate and implement a coordinated recovery plan and individual store reconstruction measures.
If a fire or an earthquake occurs during store operating hours, we will follow the instructions listed under the disaster response sections of our operations manual in undertaking an initial response, and when guiding and evacuating customers.
Natural Disaster Response Process
