Enterprise Risk Management System
The Board of Directors is responsible for the overall risk management approach, and reviews and approves the policies for managing each of these risks. The Audit Committee reviews the Company’s risk assessment process and conducts regular discussion with executive management regarding the Company’s major risk exposures and the steps that have been taken to monitor and control such exposures.
Pursuant to this duty, the Board of Directors has directed Management to develop and institute a Risk Management System (the “Crisis Management System”), which resulted to the formation of six crisis committees: Product (personal care and food), Information Technology, Direct Sales, Manufacturing, Employee Issues, and Finance. These crisis committees are headed by senior members of the management team, and are composed of personnel of various disciplines in order to view and respond to crisis from various viewpoints. The crisis committees are tasked to identify possible risks and adopt measures to prevent or mitigate these risk to the Crisis Steering Committee headed by Splash’s Chairman and Chief Executive Officer..