Hermès // 2022 UNIVERSAL REGISTRATION DOCUMENT

4

RISK FACTORS AND MANAGEMENT AFR

RISK FACTORS

4.1

366 368 373 377 378 382

Risks related to strategy and operations

4.1.1 4.1.2 4.1.3 4.1.4 4.1.5

Industrial risks

Legal and regulatory risks

Risks related to social, societal and environmental responsibility

Financial risks

INSURANCE POLICY AND RISK HEDGING

4.2

385

RISK MANAGEMENT, INTERNAL CONTROL AND INTERNAL AUDIT

4.3

386 386 386 389 390 393

A demanding control environment

4.3.1 4.3.2 4.3.3 4.3.4 4.3.5

Committed parties responsible for risk management and control

A controlled risk management system A mature internal control system

An agile internal audit system

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