common approach to risk so that it s con sistent within the Sandvik organization Risk management today is also very linked to the business looking at and unlocking potential opportunities Once a risk is identified Ekholm continues we now have a decision to make as to whether we take that risk or leave it Taking the risk is about mitigating or preventing it that s the operational protection of the risk Insurance is the financial protection of that risk A consistent approach and organiza tional outlook to risk is essential when it comes to enterprise risk management The overall objective is to clarify the risk expo sure of the Sandvik Group and to define and assess status of mitigation activities under way says Paajarvi The aim is to ensure that enterprise risk management activities across Sandvik are optimally integrated into the business The SMS business area is quite large says Gustavsson It s the biggest business area in Sandvik and we have been able to develop products and services over the years that have in some ways revolutionized the business We have a fantastic competence and we are investing heavily in both risk management and sales Still Sandvik personnel are not resting on its laurels by any stretch It is really a tre mendous area he continues but one thing we are learning is that historical success is not a guarantee for being successful moving forward We have to earn the right to be the leader to our customers and maintain it Today Ekholm and Paajarvi want no part of losses We wish not to have to accept losses says Paajarvi As a corpora tion we want to win one of our core values is a passion to win and a big part of win ning is meeting our customers needs To achieve this we transformed into a new risk management organization to better meet future risk exposures Sandvik forges ahead on cultural trans formation Losses should they occur only provide lessons to be learned and safety is paramount Any visitor to a Sandvik site will be familiar with the company s mantra Safety First Even in the throes of organi zational shifts the concept of safety surged to the forefront of Sandvik s corporate culture Ekholm adds One of the most impor tant duties that we have as a department is to keep abreast of business knowledge With five very different business areas the organi zation and Sandvik in general vary a lot In order to provide adequate and sufficient insurance coverage we need to constantly be aware of what everyone is doing We make sure we understand the unique risk exposures for each business area and ensure that insurance coverage is refined and tai lored for each GOING TO GIMO Gimo Sweden is small tangle of roads about 30 miles northeast of the university town of Uppsala and two hours southeast of Sandviken the location of Sandvik s origi nal headquarters The road to Gimo is flat and winding through nondescript farmland and modest villages That a manufactur ing facility run by a workforce of 1 600 is located somewhere along it is unlikely Only 34 Reason ISSUE 1 2015

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