Press Releases Careers Suppliers Contact Us Risk management The Board is responsible for the Group’s system of risk management and internal controls. The Audit & Risk Committee supports the Board by advising on the Group’s overall risk appetite, tolerance and strategy, current risk exposures and future risk strategy. The Group’s global operations are exposed to a number of risks which could, either on their own, or in combination with others, have an adverse impact on the Group’s results, strategy, business performance and reputation which, in turn, could impact upon shareholder returns. The management and mitigation activities [described here] will help to reduce the impact or likelihood of the major risk occurring, although the Board recognises it will not be possible to eliminate these risks entirely. The Board also recognises there could be risks that may be unknown or that may be judged to be insignificant at present, but may later prove to be significant. As indicated in our 2019 Annual Report, the COVID-19 pandemic did introduce operating performance challenges for us and the automotive industry generally. Disruption to our customers’ production activity levels, the efficiency and operations of the automotive market supply chain and the availability of resources was significant at various points during the year. We expressed our belief in March 2020 that any prolonged or more significant impact from COVID-19 would manifest itself in the principal risks we had already identified. This belief was borne out by events in 2020 as our identified risk mitigation actions enabled us to manage the uncertain conditions that followed the spread of the virus. Whilst the importance of certain constituent elements of our risk profile, e.g., supplier strength and dependency, financial resilience, operational leverage, took on heightened relevance during 2020, they did not develop into heightened strategic long-term risks. We believe that the continuing impact of the pandemic into 2021 will not introduce new risks beyond those risks that we have already identified. Corporate Offices TI Fluid Systems 2020 Taylor Road Auburn Hills, MI 48326 United States +1 248 296 8000 Headquarters TI Fluid Systems 4650 Kingsgate Oxford OX4 2SU United Kingdom +44 1865 871820 Quick Links Investor Relations Careers Supplier Resource Center Press Releases Downloads Modern Slavery & Regulatory Privacy and Cookie Policy Need more information on TI Fluid System’s products or services? CONTACT US Copyright © 2019 TI Fluid Systems. All rights reserved. Employee Portal | Americas | Europe | Asia Pacific We'll assume you're ok with this, but you can opt-out if you wish.Accept Reject Read More