Risk management
Risk management
Sobeys and parent company Empire have established an Enterprise Risk Management (ERM) framework to enable intelligent and systematic risk management across both Sobeys and Empire so that superior business performance can be achieved and sustained. The ERM framework sets out principles and tools for identifying, evaluating, prioritizing and managing risk effectively and consistently across the enterprise. Our senior leadership group drives the ERM process, with facilitation and coordination support from the Sobeys’ Audit, Compliance & ERM group (Internal Audit), and provides quarterly reports to our Board of Directors.
Internal Audit conducts independent audits across all functional areas of Empire and Sobeys to identify and assess key business risks and to ensure that such risks are properly mitigated. Internal Audit also includes the Corporate Compliance team, which is responsible for the documentation, testing and evaluation of internal controls over financial reporting to support CEO and CFO Certification, for both Sobeys and Empire, in compliance with the Canadian securities regulations. As a wholly-owned subsidiary, Sobeys Inc.’s corporate governance is provided by Empire’s Board of Directors with support from a number of key committees, including an Audit Committee to which Internal Audit functionally reports.
