Risk management is essential to effective governance and to achieving our business objectives. Our risk management policy defines our approach to enterprise risk management and establishes a framework for embedding effective risk management practices and tools into our culture, systems and processes.

All Hudbay executives are responsible for integrating risk management into their strategic business planning, budget and resource allocation, operating performance, and human resource, financial and compliance processes. This framework requires practices for risk identification, assessment, measurement, monitoring, reporting and treatment.

While risk is specific to the nature of each business area, the framework and standard guidelines facilitate quarterly consolidation of risk information for reporting to executive management and the Board of Directors.

The Board of Directors is ultimately responsible for overseeing the risk management function, and the Audit Committee of the Board is responsible for assisting in this regard. The Vice President, Risk Management, and the Director, Risk Management, lead the enterprise risk management program.

We discuss long-term and emerging risks in the Risk Factors section of our Annual Information Form.

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• Our 2018 Annual Information Form describes key corporate risks and their potential business impacts.