At the company level, WM uses an enterprise risk management (ERM) process involving senior leaders and subject matter experts from all major divisions to assess the materiality of all risks across the enterprise, including climate related risks. Each year the Treasury & Risk Management team performs top-down and bottom-up reviews across all headline risk areas to assess changes, identify emerging risks and prioritize risks for in-depth analysis. Top-down reviews consist of one-on-one meetings with every member of the Senior Leadership Team (SLT) as well as select group Area Vice Presidents to get a regional and operations-focused viewpoint on risk. Bottom-up reviews are done in workshop format including all subject matter experts for a given headline risk as well as participants from regional operations. An output from these meetings is a standardized scorecard which includes risk and opportunity ratings for (financial) impact, likelihood (of event), outlook (of risk exposure) and confidence (in risk management). Additionally, forward-looking action plans with measurable indicators and progress on action plans from previous assessments are also discussed & documented. Based on findings from top-down and bottom-up reviews, certain risks are identified as “Priority Risks” and receive a more granular assessment, quantification of impact, and are elevated for further discussion with the SLT and the Board. The executive team that manages our enterprise risk reporting to the Board reviews all submissions for consistency in determining scope of impacts, and comprehensiveness in determining the adequacy of current support by internal staff, the sufficiency of financial support for contractors or mitigation measures needed to manage and reduce risk, sufficiency of legal support, and the extent and sufficiency of third-party consulting support. Moreover, the staff working on the ERM documentation coordinate with those drafting the risk factor description for the Annual Report Form 10-K to assure thoroughness in response. The environmental impacts, risks, and opportunities, including climate-related, associated with our carbon reduction service lines are discussed each year. WM’s Corporate Development & Innovation department briefs the Board at least annually on potentially disruptive technologies, sometimes related to customer expectations with regard to carbon reduction services. Additionally, a cross­ functional team made up of team members from Legal, Sustainability, Recycling, Treasury & Risk Management, Corporate Development and others, meet monthly to discuss business disruptors.