Our materiality analysis describes the relevant economic, social and environmental aspects we address through our Enterprise Risk Management (ERM) and report on in our Annual and Sustainability Report and GRI Index. We consider their impact on our business and importance to our stakeholders. Key stakeholder groups are customers, employees and investors as well as society, suppliers and other business partners.
Our materiality process
We have identified our most material aspects for stakeholder engagement, using feedback from internal workshops and stakeholder dialogues, taking global challenges into consideration. Based on impact on our business and importance to our stakeholders, we have prioritized 17 topics. These topics have been validated with the Volvo Group management and are reported annually in our Annual and Sustainability Report and GRI Index.
Our material issues
For further information about the materiality process, including stakeholder engagement, definitions of all topics and where the impact occurs in the value chain, please refer to the GRI Index.
Each of the Volvo Group’s Business Areas is responsible for its own risk management. In addition, the Volvo Group works with Enterprise Risk Management (ERM), which is a systematic and structured process to report and analyze risk assessments and mitigations as well as to follow-up on the risks that might impact the Group’s business. The objective of the ERM process is to improve business performance and to minimize the cost of managing risks; thus protecting the Group’s enterprise value as well as enhancing and protecting the Group’s assets.