Managing risk in our business
A critical element of our business strategy is the principle of sound risk management practices.
Our Board oversees risk management and Gildan’s management team is charged with managing risk on an ongoing basis. A dedicated team, comprised of business professionals with a wide variety of skills, are responsible for developing and executing against the Company’s risk management strategies. Our overarching Risk Management Framework includes specific processes and policies that allow for the continuous review and assessment of the risks to our Company, including those related to:
- social, political, climate, and environmental factors,
- and other risks.
You can find out more about risk management at Gildan on page 24 of our ESG report: https://www.genuineresponsibility.com/media/uploads/reports/2019_genuine_responsibility_esg_report_4RVAWg2.pdf
Risk management during COVID-19
At the onset of the COVID-19 pandemic, the leadership of the Enterprise Risk Management (ERM) team at Gildan developed a Task Force to monitor and provide senior management and the Board of Directors with regular updates related to employee health and safety, including the respect of human rights, identification of vulnerable workers, and the impact of COVID-19 on operations and potential business disruptions.
The Task Force included senior management representation from all operating business units and functions, which includes; manufacturing, supply chain, sourcing, sales, distribution, human resources, legal, information technology, security, and corporate communications and marketing. The Task Force meets on a regular basis to discuss potential risks and mitigation strategies related to the health and safety of our employees and the impact on the Company’s entire supply chain, from raw materials all the way to distribution of our products.