JSC Techsnabexport's RMS includes the organisational, methodological, and instrumental platforms based on best practices; the process of periodic detection, rating, assessment, and monitoring of risks; the process of drawing out and implementing measures to manage these risks; and the communication of risk-related information.
Since 2010, the Company has set up and operated a risk management system (RMS), which is harmonised with the sectoral risk management system being developed and controlled by ROSATOM.
The Company’s RMS includes the organisational, methodological, and instrumental platforms based on best practices; the process of periodic detection, rating, assessment, and monitoring of risks; the process of drawing out and implementing measures to manage these risks; and the communication of risk-related information. The RMS subjects are all Company employees. In this regard, the following subjects are given special regulated functions (please refer to the chart below):
- Risk owners: top and line managers responsible for the identification and initial assessment of entrusted risks, as well as the drawing out and implementation of risk management measures, and who are at the same time the owners of the Company’s business projects; this reflects the principle of common responsibility for the end result and permissible departure from targets under risks
- RMS agents: the Company’s structural divisions charged with the collection and communication of information on certain risk categories and classes, primarily operational risks, for further aggregation and centralised processing
- RMS administrator: a specialised unit of the Strategic Risks and Opportunities Assessment Centre (SROAC), which is responsible for the generation and development of the organisational, methodological, and instrumental platforms of the RMS and the control of the risk management processes
- Risk officer: a Company employee who communicates issues related to risk management with others, including ROSATOM’s Risk Management Office, the Company’s top management, and the risk owners
The RMS in JSC Techsnabexport
The RMS goals stipulated in the Company’s Standard, “The Policy and Basics of the Risk Management Organisation and Methodology in JSC Techsnabexport”19, include:
- facilitating the shape and implementation of the corporate strategy by taking account of the external environment uncertainties;
- maintaining the Company’s susceptibility to risks within the limits of risk preparedness established by ROSATOM;
- forecasting potential risk-induced departures of future indicators for the Company’s activities from target values to enable taking measures to maintain such indicators within the acceptable range of values;
- ensuring that risks of the Company and its projects are taken into account within the totality of ROSATOM’s key risks, as well as in the distribution of the capital among organisations and projects by ROSATOM;
- improving and maintaining the continuity and stability of the Company’s business projects;
- rendering informational support to the Company and ROSATOM management in order to make informed managerial decisions; and
- building up and developing the risk accountancy and communication culture as part of the general corporate culture.