Sustainability Report 2021
Generated value
For the first quarter of the year 2021, the vaccination hub located within Prima Sole Components headquarters in Torrice carried on the activity started last year.
PSC provided an area of 4000 square meters, of which 1000 indoor, where about 500 vaccine were delivered on a daily basis. The company financed and carried out all the preliminary activities and works, in order to accommodate the hub equipped with 8 vaccine lines for the doses, alongside the management of ASL (the Local Health Authority) in Frosinone.
PSC Group obtained authorization from the Region last year and, therefore, implemented the project of vaccination facilities in factories - “factories as communities" - launched by Confindustria (The Italian Manufacturers’ Association), which is regionally supported by Unindustria.
The Group’s vision, mission and medium- and long-term strategies are detailed in the business plan. Once the guidelines have been identified, the operational plans of the individual business units and the connected production sites are defined.
PSC management formalises functional analyses and assessments in the drafting of the operational plan with an interdisciplinary approach; For this reason, various business functions are involved in the process and external stakeholders of particular interest, including some customers and suppliers, are also taken into account.
The strategic guidelines of the business plan are:
Competitiveness:
The Group’s ability to supply competitive products and to stay in the market, facing competition.
Technological innovation:
It concerns, among other things, products and processes, with the aim of raising their quality, performance and flexibility, as well as reducing costs.
Globalization:
Distribution of production on a local and global scale, according to customer’s needs.
The business unit administrator identifies the activities consistent with PSC strategic guidelines. Each production site follows the process described below:
- Analysis of PSC business plan: each business unit verifies the applicability of the strategic lines established at Group level to its own peculiarities.
- Identification of relevant factors thanks to the S.W.O.T. analysis (Strenghts, Weaknesses, Opportunities, Threats): a step that allows you to detail the strengths and weaknesses of the internal context, as well as external risks and opportunities. These elements are then related to stakeholders.
- Assessment of the significance of the factors identified: a risk factor is identified according to a matrix that evaluates the probability of occurrence and the impact that would have on market share, competitive advantage and reputation.
- Definition of the operational plan, by taking into account the risks involved, and in particular:
- avoid the risk by deciding not to start or continue the activity that led to its appearance
- take or increase risk to pursue an opportunity
- remove the risk source
- change the probability of the risk occurring
- change the consequences
- share the risk with a partner (also through contractual formulas for financial risk control).
The actions to cope with risks and exploit opportunities, with regard to sustainability, are the necessary inputs to carry out the operational plan in line with the company’s strategy.
The Group has also taken out policies with important companies in this department, in order to cover the main corporate risks related to industrial activities. This is a comprehensive insurance covering all material damage to buildings, plant, machinery and goods owned by the Group’s companies, whether they are present in PSC plants or as at third Parties.
Factors such as atmospheric events, criminal acts by third Parties, structural collapses, fluid leakage and mechanical failures may affect thresholds and specific allowances. Any economic losses resulting from business interruptions or factors such as those listed above are also covered by insurance. Finally, possible damages to third Parties resulting from claims covered by the policy (third Party claim and interruption or suspension of its activities) have been insured.
The Group’s companies have been awarded a three-part indemnity policy. In detail: third party liability, workers civil liability2 and product liability. Each coverage operates with limited thresholds and allowances.
2. Technical term that, in the insurance field, means all employees of the company.
A careful and correct management of corporate risks has contributed to making PSC a Group that creates value and wealth, by spreading part of it to its stakeholders.