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Corporate governance
Risk management
Risk prevention
3.5.2
Effective risk management relies on a shared vision of challenges and In operational terms, the Group risks and compliance department
optimal coordination.
coordinates and leads a network of risk prevention directors present in
all Group countries. During 2011, Carrefour communicated a Risk
The Group incorporates risk management into its day-to-day business
Prevention Charter which defines the scope of action, the role and
practices. Risk management is a job shared by all employees with the
responsibilities of the country-level Risk Prevention units, and the
aim of developing a risk management culture.
ethical rules they must follow.
Risk management within the Group is decentralised to the country
In each country where the Group operates, a Risk prevention
executive directors, who are tasked with identifying, analysing and
department is responsible for the security of the Company’s tangible
handling the main risks with which they are faced.
and intangible assets and ensures the safety of persons present on its
They are supported in this by the Group risks & compliance sites. It is tasked with implementing the human, organisational and
department, which coordinates the deployment of a guidance and technical resources necessary to manage both accidental and
mapping tool for major risks, while mapping operational risks and intentional risks (natural disasters, malicious acts, theft etc.).
developing tools deployed in the countries.
The prevention policy relies on risk mapping, loss analysis and
The Group risks & compliance department also worked on identification of emerging risks as part of its on-going oversight and
country-by-country mapping of health risks, natural risks, risk of crime specific studies.
and terrorism and legal risk, while conducting studies on emerging
The Group risks and compliance department prepares a consolidated
risks and supporting certain operational departments. It also supports
annual report on the risk prevention function at Group level, with
the Purchasing departments in their knowledge and evaluation of
benchmarks between management and performance indicators for the
supplier risk.
function in each country, in terms of loss, workforce, resources and
action plans.
Insurance
3.5.3
For the past several years, the Group’s insurance strategy has focused
Acquisitions during the year
on providing the best possible protection for people and property.
Carrefour group ensures that acquisitions over the course of the
Group insurance policy
3.5.3.1
insurance year quickly obtain this comprehensive coverage, or, where
applicable,
benefit
from
its
DIC/DIL
(difference
in
conditions/difference in limits) coverage policies, in order to ensure
The Group’s insurance strategy is primarily based on identifying solid control over existing coverage and benefits.
insurable risks through a regular review of existing and emerging risks,
Prevention policy
in close collaboration with operational managers, the various Carrefour
group departments involved and outside specialists.
Carrefour group’s insurance policy requires that risk prevention
Worldwide programmes
measures be monitored by the Group risks and compliance
department in coordination with local Group liaisons in each country,
The Group has implemented comprehensive, worldwide programmes
as well as with the Group’s insurers.
(especially for Property Damage and Business Interruption, Civil
Transfer of risk to the insurance market
Liability and Construction policies) that provide uniformity of coverage
for all formats (consolidated stores only), wherever the stores are
The Group transfers identified insurable risks to the insurance market
located (except in countries where regulations prohibit this type of
or self-insures, in accordance with the Group insurance policy and
arrangement).
consistent with the Group’s general policies.
Thus, the Group has a solid understanding of the limits of coverage in
Self-insurance of certain risks
place, and the certainty that its insurance programmes have been
taken out with insurers having an international reputation.
In order to optimise insurance costs and better manage risk, the Group
has a policy for
maintaining its frequency lines through its captive
re-insurance company for certain risk categories. The results of this
captive company are consolidated in the Group Financial Statements.
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