Effective risk management is an essential part of our culture and strategy. The accurate and timely identification, assessment and management of principal risks give us a clear understanding of the actions required to achieve our objectives.

The Risk and Compliance Management Department:

  • Provides guidelines, standards and best practice examples of risk and compliance management at the corporate and business unit levels
  • Is responsible for risk and compliance management systems
  • Maintains the Group’s risk register
  • Organises and promotes risk and compliance workshops
  • Supervises the operations
  • Reviews the effectiveness of mitigating actions
  • Supports internal stakeholders in key strategic decisions

Areas of focus and development during 2024:

  • Updated emerging risks in sessions with senior management and conducted on-site risk reviews of selected areas during visits, enhancing the Company’s risk maturity level.
  • Conducted a key control review with the Internal Audit team, testing 65 controls across 10 risks to validate their design, operation, and effectiveness..
  • Coordinated Contingency Committees in line with our risk management process.
  • Reviewed the Company’s risk appetite level and statement (all risk areas remain unchanged). Reported monthly to both the Company’s Executive Committee and individual risk owners to identify and manage any deviation from what is expected.
  • Initiated the next phase of copper growth in 2024 with projects in Centinela and Los Pelambres, supported by a project management system to ensure best practices at each development phase.
  • Participated in the FQAR (Functional Quality Assurance Review) process, which consists of a verification and review by independent reviewers of the project, which is applied to the study stages of a project and during its execution. The output of each FQAR is a report that is shared with the project approval team.
  • Continued training of risk owners and users of the framework in their roles as owners of controls and action plans.
  • Updated and monitored critical controls and action plans.
  • Prepared new action plans to maintain risk exposure within acceptable limits.
  • Embedded timely and comprehensive risk analysis into each relevant decision-making processes.
  • Shared best practices across our operating companies.

Our Risk Management Cycle

View our full risk management section from pages 80-93 of the 2024 Annual Report.