Risk management

The main goal of risk management for the Group is to minimize the possible negative effects on the business of changes to the external environment and to internal processes.

Risk management policy

The risk management policy is intended to protect the interests of shareholders, interested parties and society in general by means of a system of effective risk management. Risk management is a necessary component of the shareholder value creation process and is instrumental in achieving the Group’s strategic goals.

Risk management process

In 2008–2009, in conjunction with Marsh, a large risk management consulting firm, we evaluated the effectiveness of our existing risk management system, developed recommendations to improve it and drafted a set of internal documents to regulate the Company’s risk management procedures. Since 2010, the Group has implemented its risk management procedures independently.

Risk management is a continuous, integral and transparent process that involves all employees at various stages:
  • Identification and constant monitoring of risks;
  • Evaluation of potential impact of risks on the Group’s business;
  • Assignment of responsibility to risk owners;
  • Development of risk management measures;
  • Monitoring of critical risks.