Hermès // 2021 Universal Registration Document

4 RISK FACTORS AND MANAGEMENT AFR RISK FACTORS 4.1 328 Risks related to strategy and operations 4.1.1 330 Industrial risks 4.1.2 335 Legal and regulatory risks 4.1.3 339 Risks related to social, societal and environmental responsibility 4.1.4 340 Financial risks 4.1.5 344

INSURANCE POLICY AND RISK HEDGING

4.2

347

RISK MANAGEMENT, INTERNAL CONTROL AND INTERNAL AUDIT

4.3

348 348

A demanding control environment

4.3.1

Committed parties responsible for risk management and control

4.3.2

348

A controlled risk management system A mature internal control system

4.3.3

351

4.3.4

352

An agile internal audit system

4.3.5

355

2021 UNIVERSAL REGISTRATION DOCUMENT HERMÈS INTERNATIONAL

327