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We manage our risk profile via a rigorous, fully integrated, enterprise risk management (ERM) framework based on the Committee of Sponsoring Organizations of the Treadway Commission (COSO) guidelines and following the guiding principles of ISO 31000.
This framework provides a consistent, auditable mechanism that empowers all employees to identify risks and opportunities while ensuring consistent and reliable data.
It is also an effective tool for executive oversight of managing risks.
The framework is facilitated by our risk management officer, who reports to the general counsel.
Additionally, the risk management officer reports directly to the board on all enterprise risks and respective action plans at least twice a year and is actively supported by the board and executive leadership team (ELT).
By entrenching ERM principles and practices in our culture, operations and strategic decisions, we can consistently visualize the entire risk landscape, mitigate risks, capitalize on opportunities, and create value and predictable outcomes.
The KBR ERM Framework comprises six continual phases: We apply all six phases to all material risks and opportunities, including sustainability-related risks.
This framework is specifically applied to the management of our sustainability risks and opportunities, both operational and strategic in nature.
Our ESG subject matter experts engage with stakeholders across our value chain to identify risks and opportunities.
Once identified, appropriate owners are assigned to manage these risks within the framework.
These owners are accountable for the ongoing management, development, implementation and coordination of action plans across the organization, and they are accountable for either enhancing opportunities or mitigating risks.
Sustainability performance indicators aligned with the sustainability risks and opportunities are used in part for ongoing risk monitoring.
Examples of risks and opportunities actively managed by ERM: Health (mental and physical), safety and security of KBR employees and third parties’ personnel and property Data protection and our cybersecurity Human and labor rights violations in our supply chain KBR’s long-term vision for risk management includes analyz...
Supply Chain Management https://kbr.foleon.com/sustainability-report-summary/https://kbr.foleon.com/sustainability-report-summary/2021-climate-change-action/introduction-to-climate-security Our executive team convenes for dedicated risk reviews three times per year.
The outputs are reported to the board of directors twice per year, and individual business units and projects manage risks and opportunities on an ongoing basis using the ERM Framework to provide real-time, risk-based data.
We have elevated the role of enterprise risk, professionalized the function, and embedded it within our culture.
Our CEO meets regularly with the head of Risk to ensure we are actively managing identified risks and ensuring they are current.
Responsibility for risk management is distributed among the board as a whole and to individual board committees, supported by management in each case.
The ERM framework enables risk management to become a core business fundamental alongside business strategy decision-making and business operations, all in the context of sustainability.
■ Reviews semiannual risk reports, including strategic, operational, financial and hazard risks, as well as management’s assessment of their likelihood and impact, the perceived trend for each risk (whether increasing, decreasing or stable), and the measures being taken to monitor and manage those risksand, if appropri...
acquisition prospects, after considering related commercial, legal and financial risks, agreement terms and integration process.
EXECUTIVES VIA KBR’S ENTERPRISE RISK MANAGEMENT FRAMEWORK ■ Guide all business segments in consistently implementing KBR’s ERM Policy and Framework.
■ Report periodically to the board on KBR’s changing risk profile, enabling risk-based strategy decisions and improved communications to stakeholders.
AUDIT COMMITTEE ■ Reviews KBR's significant financial risk exposures with management, as well as other areas of risk exposure if requested by the board, and reviews management's actions to monitor and mitigate those exposures.
■ Receives periodic reports about potential exposure areas, including litigation, liquidity and capital resources, financial reporting and disclosures, and regulatory and tax risks.
■ Assesses in-depth periodic reports from management regarding ethics and compliance issues, as well as findings from our risk assessment and control monitoring activities, such as internal controls testing, internal audits and foreign exchange risk management. ■ Conducts private sessions with KBR’s chief financial off...
■ Provides a report to the full board at each regular meeting to ensure the entire board is informed of matters that the Audit Committee determines warrant full board discussion.
COMPENSATION COMMITTEE ■ Regularly considers whether incentive awards and the related performance goals are aligned with our Code of Business Conduct and don’t encourage undue risk-taking. ■ Oversees annual compensation risk assessment and, if appropriate, recommends changes to our compensation program to mitigate pote...
■ Oversees compliance risks related to KBR’s governance structure and policies.
■ Reviews succession plans and management development programs for senior executive management to ensure business continuity.
■ Oversees KBR’s activities in managing its major risk exposures within the sustainability, human capital management and corporate responsibility.
■ Oversees climate risk and its financial impacts in line with the TCFD.
Supply Chain Management Board Risk Management Experience Risk oversight is an integral part of our board of directors’ role, and discussions regarding risks are deliberated throughout the year.
Carlos Sabater joined the KBR Board of Directors in June 2021, bringing significant experience in risk management.
A principal duty during his leadership at Deloitte was risk management of their audit practice.
He worked specifically with firm clients to address their risk management issues.
He also led Deloitte’s Risk Management Board Committee.
Several other of KBR board members have significant risk management experience.
■ Our CEO had direct responsibility for risk management at his prior employer, where he embedded risk management processes across the enterprise at project, country and group level.
■ Sir John Manzoni KCB, our newest board member who joined in May management experience from his prior employers, including: (1) performing detailed quantitative analysis of systems integrity in hydrocarbon systems as the UK moved to a quantitative risk assessment basis for engineering specifications, (2) performing de...
and some international operations of a prior employer.
■ Lt. Gen. Masiello’s military service included many risk management experiences, such as: (implementing operational risk management training and personal responsibilities associated with day-to-day work on a major Air Force base and (2) leading and preparing a base as emergency response commander.
■ Mr. Moore was responsible for risk of global projects and company-wide risk assessment and mitigation at his prior employer.
■ Ms. Pickard was responsible for risk management of major hydrocarbon projects at her prior employer.
■ Lt. Gen. Stewart’s military service included many risk management experiences, such as: (countering threats and risks associated with both U.S. and the reactions of other countries and (2) assessing the risk of disruptive activities in cyberspace and how those actions could escalate into a much broader confrontation.
With tens of thousands of contractual relationships, our supply chain is critical for delivering our solutions.
Our aim is to establish a sustainable future by working with our partners to support a globally aligned ambition to achieve net zero emissions and our Zero Harm agenda.
We do this through a rigorous assessments and collaboration that ensures our partners support key social and environmental impact goals and deliver an equitable supply chain.
Our goal is to engage with our global supply chain in the development and delivery of our environmental, social and governance objectives.
These are aligned to the Sustainable Procurement in ISO 20400 across the following 7 pillars: organizational governance, human rights, labor practices, the environment, fair operating practices, consumer issues, and community involvement and development.
Our Procurement and Supply Chain Management Policy, established in September with the following foundational principles: ■ Develop inclusive supplier relationships that promote small business participation, embrace diversity, practice corporate social responsibility, integrate sustainability and promote a transition to...
■ Source responsibly and promote environmental responsibility by supporting supply chain participants in making positive and lasting impacts on the people and communities from which they source.
■ Minimize potential risks by procuring goods and services from experienced, qualified, responsive, and/or approved vendors and subcontractors who demonstrate the highest levels of ethical integrity, financial health and stability, and who prioritize health and safety.
These points above offer a summary of the supply chain management principles that contribute to our sustainability practices.
Please follow this link for the full policy.
Certain subcontractors, including those in high-risk countries, are the focus of enhanced due diligence efforts to mitigate risks related to human rights abuses in our supply chain.
Additionally, the treatment of foreign, low-skilled employees working for KBR and KBR subcontractors in host countries is an area of focus and is addressed through our Combatting Trafficking in Persons (CTIP) and Modern Slavery Act (MSA) programs.
■ Audits and inspections of subcontractors that include selecting interviews and surveys of subcontractor employees, housing inspections and prevailing wage reviews.
Our U.S. Government Solutions business performs the following activities for U.S.
government contracts: ■ Flows down the CTIP Federal Acquisition Regulation Clause subcontractors supporting U.S. federal government contract.
■ Provides CTIP general awareness training to on-site subcontractor employees.
■ Posts CTIP posters in the subcontract employees' native language.
to submit for review and approval a CTIP compliance plan and provide additional CTIP employee training.
■ For subcontracts equal to or greater than $contract reviews and housing inspections on select employee housing provided by the subcontractor.
During the inspection, our Quality team ensures housing safety and hygiene complies with country codes and requirements and issues a report for noncompliance.
■ Where CTIP violations are exposed, the concerns are elevated to legal team for review, investigation and determination.
Depending on the outcome of the investigation, local and federal law enforcement are notified, and corrective actions are taken.
In ■ Enhance oversight of supply chain and contract with subcontractors, aiming to eradicate cases of workers being abused or exploited and to monitor and reassess risks. ■ Revisit our CTIP and MSA subcontract provisions to ensure they represent our expectations and mitigate exposure.
■ Continue to educate our project personnel on the CTIP and MSA and our role in prevention.
■ Implement a strategic plan for increasing the number of subcontractor CTIP and MSA inspections, including checks of housing, passports and treatment of their employees through random interviews without subcontract management present.
■ Extend the Online Training for Modern Slavery in the supply chain as well as desktop and physical audits to other KBR business units in 2023.
■ Continue to roll out modern slavery online training program across the organization.
■ Continue to review and update processes for appointing subcontractors.
■ Conduct internal reviews that ensure systems contain appropriate processes to protect lower skilled workers engaged overseas.
■ Update training materials for employees in high-risk locations for modern slavery and trafficking in people and refer them to the Ethics Hotline for reporting.
■ Identify more subcontractors for regular audits (physical and desktop audits).
■ Implement key performance indicators to measure progress in tackling human rights violations in the supply chain.
We strive to ensure our supply chain partners understand the risks associated with climate change.
In ■ An online Modern Slavery in Supply Chain Training Program to 53 "Tier 1" suppliers in our Government Solutions EMEA business unit.
The video was created to raise awareness about identifying and combating modern slavery in the supply chain.
■ A pilot desktop audit of with KBR in Tier 1, Tier 2, Tier 2 Watchlist, Tier 3 and special case countries (according to the U.S. Department of State).
The pilot consisted of a detailed Modern Slavery Questionnaire designed to: ■ Support the identification of modern slavery risks in the supply chain ■ Foster collaborative efforts to address these risks ■ Improve transparency in the supply chain ■ Online training for modern slavery in the supply train, coupled with an ...
Data is the cornerstone of KBR's human trafficking due diligence.
The online training and audit pilot allow us to assess, analyze and understand our data to ensure our supply chain is free from modern slavery and human trafficking.
The KBR Modern Slavery Questionnaire specifically collects data from our supply chain on indicators of human trafficking and slavery risk.
In doing so, the questionnaire provides actionable data from our supply chain in a standard format enabling collaborative and focused due diligence efforts.
Our Government Solutions U.S. business unit upholds the U.S. federal government CTIP by including FAR execute and certify to these requirements.
Our subcontractor coordinators play a key role in monitoring and inspecting subcontractor labor and housing arrangements to ensure compliance, improve transparency and mitigate occurrence.
Please meet our board of directors for our board race and ethnicity information.
One board member identifies as both Hispanic and White.
Workplace Gender Equality Agency (WGEA) is an Australian Government statutory agency that promotes and improves workplace gender equality and administers the Workplace Gender Equality Act 2012 (Act).
In accordance with the requirements of the Act, KBR Australia lodged its annual public report with the agency on 26 May 2022.
Our grievance reporting and escalation procedures Grievance Reporting and Escalation Procedures 1.
Eligible employees for performance management cycle include regular, expatriate project, and expatriate non-project employees; this program does not include project and temporary hires, union, affiliate and limited company employees.
■ Export Compliance Manual Cybersecurity and data privacy training Annual cybersecurity awareness training is provided to all employees, new hires and contractors.
In advisory footprint and Harmonic to enhance technical innovation.
We also further invested in Mura Technologies to expand the plastics circular economy with the Hydro-PRT technology.
Total energy consumption from renewable sources In (199 trillion joules).
This was covered by renewable energy credits or renewable energy sources.
The remaining consumed were covered by renewable energy credits.

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