Risk and business continuity
We have a structured, consistent and continuous risk management process in place across our organization. The Company’s Enterprise Risk Management program (ERM) identifies and monitors the Company’s enterprise risks and manages our response to those risks through appropriate action plans. These risks are reviewed in the context of the Company’s strategies, operations, business environment and other factors, and are updated periodically. Throughout the year, the risks are reviewed by the Company’s Risk Steering Committee, which is a cross-functional team representing both business unit and corporate staff functions. Each enterprise risk is also reviewed in depth by either a committee of the Board of Directors or the full Board for discussion and possible action. The Audit Committee also independently reviews policies and processes with respect to risk identification, assessment and management. This focused, multilevel ERM process is a vital tool to help the Company create, preserve and realize value for our shareholders.
Our business continuity program is aligned with our risk management process. The program’s primary objective is to support ongoing contingency planning to evaluate the impact of events that may adversely affect clients, assets or employees. Pitney Bowes has established processes to support the continuity of our businesses during times of crisis. With a core staff and engagement by our business units, we are able to respond appropriately as events arise. We also train our employees, run simulation exercises and evaluate our program each year for potential improvements.