Investor Relations

Business Continuity

Our business continuity policy is captured in eight principles.

 

To avoid, preclude and reduce the overall impact of a disruption each Business is subjected to the directives as listed below:

 

  • Each Business is responsible for implementing and operating its own local BCM system;
  • Approved Local Policy Addendum, including local legislation and regulations;
  • Approved Business Impact Analysis (BIA) and Risk Assessment (RA);
  • Determine, select and implement appropriate Continuity Measures;
  • Have up-to-date documented business continuity and crisis management plans;
  • Have a pre-defined BC organization structure in place;
  • Exercise and test the plans and procedures to demonstrate operational effectiveness;
  • Conduct, update the BC Policy Self-Assessment and Assurance Letter to ensure your operational effectiveness.

 

For each of the stated directives above, controls objectives have been identified and documented into the separate global Business Continuity Manual. The Philips Business Continuity Management System has been ISO 22301 certified (the International Business Continuity Management standard).

 

The Chief of Operations fulfills its oversight and responsibility as the chair via the business continuity steering committee with respect to the deployment, and assurance within the company.