Responsibility Report 2017

Responsibility Strategy

The Fennovoima Responsibility Program supports sustainable development of Fennovoima’s operations and Hanhikivi 1 Program.

Nuclear power is an economical source of electricity generation, combining the advantages of security, reliability, very low greenhouse gas emissions and cost competitiveness. It plays an important role in the implementation of the Finnish Climate and Energy Strategy towards a carbon-free society. Currently more than half of the clean energy production in Europe is based on nuclear energy. Photo: Ferry Design Agency.

Fennovoima Responsibility Program

The Fennovoima Responsibility Program supports sustainable development of Fennovoima’s operations and Hanhikivi 1 Program. During 2017, the Responsibility Program was revised to clarify its presentation and simplify its structure, and to ensure that all the Principles of the UN Global Compact are included.

The objective of the Responsibility Program is to ensure that practices, operations and objectives in Fennovoima’s organization and at the construction site are in line with the corporate responsibility expectations of Fennovoima’s internal and external stakeholders.

This Corporate Responsibility report follows the structure of the Fennovoima Responsibility Program. Our responsibility goals and progress in the different areas is described in the following pages.

Goals and targets

Effective implementation of the Responsibility Program requires continuous development, setting targets and monitoring their achievement, and when required, adjustments to the operations to fulfill the sustainability and responsibility standards that Fennovoima has set for the organization and its operations.

The Responsibility Program’s goals and targets are reviewed annually. The progress and achievement of the targets of the Responsibility Program is monitored by the responsible departments and units and the management team. The progress in each area is reported yearly in the Corporate Responsibility Report.

The responsibility goals defined in the Fennovoima Responsibility Program are marked in the report with this symbol. 


Risk management

As a nuclear power company, Fennovoima operates in an environment that is rigorously regulated at both national and international level.

From a risk management perspective, corporate responsibility relates to effective and transparent corporate governance and management, and to people, nuclear safety and the environment. Besides putting Fennovoima's reputation, and even operations, at risk, a breach of law or regulations could cause serious harm to society overall. As a responsible member of society, and complying with the regulatory requirements as well as Fennovoima’s policies, Fennovoima's activities and decision-making are characterized by a low risk appetite.

The aim of Fennovoima’s risk management is to support the achievement of the set objectives and prevent negative effects in all areas of Fennovoima’s operations, as well as to enhance the safety, quality and security of operations, economic value creation, corporate responsibility, and cooperation and dialogue with stakeholders. This is done by identifying risks as early as possible, and by actively taking corrective and preventive action.

Integrated risk management approach

Fennovoima applies the “integrated risk management approach,” where strategic, financial, and operational and safety-related risks are integrated in an effective way. Fennovoima’s entire organization is involved in risk management, which is coordinated centrally. This allows the organization to use the best possible risk management and know-how in each area, as well as systematic methods and practices. It also ensures that the risk management is integrated into all operations.

Since a significant part of the project’s risks are in the hands of the plant supplier, Fennovoima ensures that the supplier’s risk management is conducted in accordance with Fennovoima’s requirements.

Fennovoima's high level risk map

Effective risk management

Fennovoima's risk management covers all phases of the Hanhikivi 1 Program. Risk monitoring ensures that existing risks and newly discovered risks are effectively managed. Existing risks as well as the success of risk treatment are continuously monitored and reported as part of Fennovoima’s monthly reporting.

Nuclear and radiation safety: As a nuclear power company, Fennovoima puts nuclear and radiation safety first in all its activities and decision-making. Nuclear and radiation safety comprises safety, security, emergency arrangements and nuclear safeguards at all stages of the use of nuclear energy.Regulatory Guides on nuclear safety (YVL Nuclear Safety Guides) set requirements for the overall use of probabilistic risk assessment (PRA) for analysis of nuclear safety.

Probabilistic risk assessments are integrated into risk assessments of nuclear safety-related risks and the overall risk management process. The same also applies to radiation safety risks.

Quality: To ensure safety, Fennovoima sets high standards for the quality of its activities. The quality criteria for activities and products are set according to their significance regarding safety.According to YVL requirements (e.g. A.7 301), the strictest quality requirements are assigned to products and functions with the highest risk significance. Thus, risk mitigation and control measures are reflected in the quality requirements. Quality affects the project mostly through safety, technical performance, or other aspects ultimately affecting licensability, schedule, costs or plant features

 

Occupational health and safety: Fennovoima has set a target of zero accidents for its operations. Occupational accidents and diseases will be prevented by proactive measures. Efficient risk management is one of the most effective tools for ensuring the fulfilment of the target. Fennovoima, as the Project Owner, ensures that occupational health and safety risks have been eliminated or mitigated, and that construction work is executed safely without endangering the health of employees.

Security: Corporate security ensures the security of operations, information security, personnel security, physical security, crime prevention, fire protection and preparedness. It also discusses business continuity planning as well as crisis management. As required in YVL A.12, Fennovoima has an information security management system in place, including specific information security risk assessment and management.

Environment: To ensure that the environmental impact of its operation is minimized as much as possible, Fennovoima sets high standards for its environmental management activities. Risk management is integrated with each operation that may have impacts on the environment.