Assessing and managing risk is essential to delivering results.
Our board of directors has primary responsibility for risk oversight, with the four board committees monitoring risks relevant to their specific areas. Devon has a multidisciplinary, companywide risk-management process that considers risks as far into the future as possible, given evolving economic, regulatory and technological circumstances.
We use a corporate risk matrix to identify and evaluate business risk categories and individual risks based on criteria such as the likelihood of the risk occurring and economic and non-economic impacts. Devon leaders, managers and subject-matter experts use the matrix to determine and prioritize the material risks in our business.
The risk factors are shared internally and incorporated into our business strategy and planning processes. Externally, risks are formally communicated through our annual Form 10-K. We’ll continue to monitor our business risks with a sharp focus on Devon’s long-term sustainability.