The reporting is prepared by the RM, undergoes approval (approval) by the Risk Committee under the Management Board and is submitted to the Audit Committee under the Board of Directors for further approval by the Board of Directors.
The Risk Committee should be created under the Management Board of the Enterprise. The Risk Committee should include heads of departments - Risk Owners, including a risk manager. The head of the Committee must be the Chairman of the Board of the Enterprise.
Based on the results of an annual full-scale survey and/or interviewing of the Enterprise’s employees (as well as Managing Directors, members of the Management Board, members of the Board of Directors of the Enterprise and the Corporate Secretary) conducted by RM, risks are identified and assessed. A Risk Register and a Risk Map are being formed.
Identification and assessment is carried out at two levels:
In addition to this mandatory procedure, it should be noted that all employees of the Enterprise must have a common understanding of the basic principles and approaches to risk management adopted at the Enterprise, be able to report new / realized risks, accordingly, the Risk Register and Risk Map can be adjusted throughout the year.
These actions are carried out in accordance with the Risk Management Policy and the procedure for identifying risk assessments, which must be approved by the Board of Directors. Also, the Board of Directors must approve policies for managing individual (Enterprise-specific) risks.
The Risk Committee reviews and approves (before sending it for consideration by the Audit Committee of the Board of Directors and further approval by the Board of Directors) the following documents/indicators:
Every year, the Risk Committee approves (and monitors the implementation throughout the year) the Action Plan to improve the risk management system. Data on the implementation of the plan is included in the quarterly Risk Management Report.
The Audit Committee of the Board of Directors, through the Internal Audit Service of the Enterprise, carries out the following main functions within the framework of risk management:
At the same time, the Board of Directors must approve the performance indicators of the risk management system, review them on a regular basis and, in accordance with them, evaluate the effectiveness of the risk management system.
In order to increase the responsibility of the Management Board for the effectiveness of the risk management system, the Management Board of the Enterprise annually submits to the Board of Directors confirmation of the effectiveness of the Risk Management System of the Enterprise.
In an era of economic and financial crisis, risk management is the most pressing problem facing Russian industrial companies. Globalization processes are becoming another source of economic risks, so the use of risk management principles in management will contribute to achieving the goals and objectives of chemical companies, although, of course, it will not reduce the likelihood of various types of risks to zero.
The introduction of a risk management system at enterprises makes it possible to:
The features of risk management include: the need for company management to have advanced thinking, intuition and foresight of the situation; the possibility of formalizing the risk management system; the ability to quickly respond and identify ways to improve the functioning of the organization, reducing the likelihood of undesirable events.
Comprehensive risk management system ERM (Enterprise Risk Management) in many foreign companies, for example, in the USA, is already used quite widely, since the owners of large global companies have already seen in practice that old management methods do not correspond to modern market conditions and are not able to ensure the successful development of their business.
The application of risk management presupposes a clear distribution of responsibilities and powers between all structural divisions. It is the responsibility of senior management to appoint those responsible for implementing the necessary risk management procedures at all levels. Such decisions must comply with the strategic goals and objectives of the company and not violate the terms of current legislation. In this case, it is necessary to correctly distribute among the performers the activities for identifying risks and the functions of monitoring the created risk situation.
Risk management is one of the key tools aimed at improving the effectiveness of business management programs, which they can use to reduce product life cycle costs and mitigate or avoid potential problems that could interfere with the success of the business.
Achieving the goals of an enterprise requires specific ideas about the main type of activity, production technologies, as well as the study of the main types of risks. Preventing risks and reducing losses from exposure leads to sustainable development of the enterprise. The process by which the activities of an enterprise are directed and coordinated from the point of view of the effectiveness of risk management and represents risk management. Risk management is the process of identifying the losses that an organization faces in its core activities and the extent of their impact, and selecting the most appropriate method to manage each individual risk.
In another view, risk management is a systematic process in which risks are assessed and analyzed to reduce or eliminate their consequences, as well as to achieve goals.
Based on the above, we can come to the conclusion that risk management to ensure the viability and efficiency of the enterprise is a cyclical and continuous process that coordinates and directs the main activities. This should be done through the identification, control and mitigation of all types of risks, including monitoring, communication and consultation aimed at meeting the needs of the population, without compromising the ability of future generations to meet their own needs. Risk assessment leads to the stability of the enterprise’s activities, contributing to its sustainable development. Risk management - a contribution to sustainable development, is an essential factor in maintaining and increasing the stable activity of the enterprise. Active risk management is critical to the management process to ensure that risks are being handled at the appropriate level.
Planning and implementing risk management includes the following steps:
In order to facilitate risk management activities, the enterprise needs to develop a methodology (program) for continuous risk management (CRM). MNUR is a theoretically significant program aimed at developing project management mechanisms with best practice processes, methods and tools for enterprise risk management. It provides the conditions for active decision-making, continuous assessment of risks, determination of the degree of significance and level of influence of risks on management decisions, and the implementation of strategies to combat them. In addition, progress can also be made in the scope of the project, the enterprise budget, the timing of its implementation, etc. Figure 1 clearly illustrates the methodology for the continuous risk management process.
Rice. 1. Continuous risk management process
The performance management process acts as an auxiliary tool for obtaining information necessary for the developed risk management mechanism. Unfavorable trends should be analyzed and their impact on this mechanism assessed. Appropriate actions of the control mechanism must be taken for those areas of activity that are defined as basic in the business processes of the enterprise. Corrective actions may include reallocating resources (facilities, personnel, and rescheduling) or activating a planned mitigation strategy. Severe cases, adverse trends and key indicators can also be taken into account when using this mechanism.
It is important that this mechanism emphasizes the need to reassess identified risks that systematically affect the activities of the enterprise. As the system moves through the development life cycle, most of the information will be available for risk assessment. If the magnitude of the risk changes significantly, approaches to its treatment must be adjusted.
Overall, this progressive approach to risk management is critical to a comprehensive management process and ensures that risk indicators are processed effectively and at the appropriate level.
Let's consider the risk management policy that should be applied at the enterprise. The developed mechanism (program) should be aimed at effective and continuous risk management. Thus, early, accurate and continuous identification and assessment of risks is encouraged, and the creation of informationally transparent risk reporting, planning measures to reduce and prevent changes in external and internal conditions will have a positive impact on the program.
This mechanism, including relationships with counterparties and contractors, must perform the functions of identifying risks and monitoring them. To implement it, it is necessary to have some kind of plan in the form of a set of guidance documents developed for specific areas of activity. This plan sets guidelines for the implementation of MNSD within a specific time frame. It does not affect the conduct of other activities of the entire enterprise, but rather can provide leadership in the area of risk management.
The risk management process must meet a number of requirements: it must be flexible, proactive, and must work towards providing conditions for effective decision-making. Risk management will influence risks by:
The risk management process will be carried out on a flexible basis, taking into account the circumstances of each risk. A core risk management strategy is designed to identify critical areas of risk events, both technical and non-technical, and proactively take the necessary actions to deal with them before they have a significant impact on the enterprise, causing significant costs, reducing product quality or productivity.
Let us consider in more detail the functional elements that are components of the risk management process: identification (detection), analysis, planning and response, as well as monitoring and management. We will consider each functional element below.
For effective risk management at an enterprise, we consider it advisable to create a risk management department. The main responsibilities of this structural unit, including for staff and other users (including employees, consultants and contractors), in order to successfully implement the risk management strategy and processes are shown in Table. 1.
Table 1 - Risk Management Department Roles and Responsibilities
| Roles | Assigned Responsibilities | |
| Program Director (DP) | supervision of risks of management activities. Monitoring risks and risk response plans. Approval of the decision to finance risk response plans. Monitoring of management decisions. | |
| Project Manager | providing assistance in risk control of management activities Assist in establishing organizational authority for all risk management activities. Timely response to financing risks. | |
| Employee | facilitating the implementation of risk management (the employee is not responsible for the identification of risks, or the success of individual risk response plans). The need to encourage proactive decision-making in determining appropriate risk responses for risk “owners” and department managers. Administer and maintain stakeholder commitment, risk management process Ensuring regular coordination and exchange of risk information between all stakeholders, Management of risks located in a registered risk register (database). Development of knowledge of staff and contractors in the field of risk management activities. | |
| Secretary | The functions of the secretary are performed by an employee of the risk department or they alternate between all employees. Features include: Planning and coordination of meetings; Preparation of meeting agendas, risk assessment packages, and meeting minutes. Receive and track the status of proposed risk types. Perform an initial assessment of proposed risks to determine which ones are most important. Expert in the subject area of risk analysis at the request of the Chairman of the Board of Directors. Facilitate analysis by Board members who will decide whether risk mitigation is necessary. Regular coordination and communication of risk information exchange with all stakeholders, | |
| Department Director (DO) | appointment of risk owners in their area of responsibility and/or competence. Active employee encouragement Monitoring the integration of risk management efforts of decision makers in their areas of responsibility. Selecting and approving a risk response strategy. This includes approving resources (eg owner risk) for further risk analysis and/or drawing up a more detailed risk response plan if necessary. Approval of all tasks. Assign resources to the risk management response contained in the detailed plan. |
|
| Individual Member of the Office of Management Program (IMP) | identification of risks. Access to risk management data Identification of possible risks from data using a standard form of identification if necessary Drawing up and implementing a risk response plan Determining the time and all costs associated with implementing the risk response plan |
|
| Risk Owner/Responsible Person | attending meetings of the risk management department. Review and/or provide relevant data, such as critical path analysis, project/data management support tools, defect analysis, auditing, and adverse trend opportunities Participation in the development of response plans Risk status report and effectiveness of risk response plans Work to determine the means to address risk by any additional or residual risk. |
|
| Integrated Brigade (KB) | identification and provision of information about risks that may arise as a result of the CB’s activities. Participate in any risk planning under this program. Such planning requires coordination with the risk management department, which, acting as management, can facilitate the acquisition of resources to respond to risks. Report on the progress and results of the risk response. |
|
| Quality control | monitoring and reviewing the RCM when updating or changing the plan Responsibility to maintain quality documentation practices and risk management processes |
|
Risk management functions include organizing interaction with existing divisions of the organizational structure. CPIs are formed for functional areas that are critical for the successful implementation of assigned tasks. All functional departments or business processes not covered by the design bureau are assessed and reviewed by the DP, PM, and employees to ensure adequate behavior with respect to the occurrence of risk. Risk identification is the process of determining which events may affect a business's operations and documenting their characteristics. It is important to note that risk identification is an iterative process. The first iteration is a preliminary assessment and review of the team's risks, with a risk ID as necessary. The second iteration includes presentation, review and discussion. The risk management process includes three distinct stages of risk characterization: identification, assessment and adjustment, and confirmation.
A graphical representation of the risk identification process is presented in Fig. 2.
Rice. 2. Block diagram of the risk identification algorithm
As a result of its implementation, a set of measures can be developed to assess the operational risks of an enterprise, integral risk, the quantitative assessment of which is based on a comprehensive analysis of financial and accounting statements, and an assessment of integral risk based on all levels of responsibility of the enterprise.
Risk management at chemical enterprises must be carried out within the framework of a systemic and process approach, taking into account the specifics of the industry, using modern effective management methods and production organizations, as well as using risk management tools. The risk management system for the activities of a chemical enterprise must necessarily take into account the safety requirements established by government authorities and ensure the safety and health of personnel associated with a hazardous technological facility. For the purpose of effective risk management of an enterprise, an integrated risk management system is required, which consists of an integrated approach to assessing the maximum number of risk factors for the enterprise’s activities carried out in a dynamic economic environment. The author believes that the development of the above-described set of measures will accompany an increase in the level of management and risk assessment in industrial organizations.
1 <ЛОГО КОМПАНИИ>XXX LLC Management Report Date This document has been prepared solely to provide a general idea of the subject matter discussed herein and does not constitute professional advice. No warranty, express or implied, is made as to the accuracy or completeness of the information provided herein. Unless otherwise provided by the legislation of the Russian Federation, Risk Academy, its employees and authorized representatives do not bear any responsibility for any consequences arising in connection with anyone’s actions (inaction) based on the information contained in this document, or for making decisions based on the information presented in this document.
2 Contents 1 Management Summary Risk Analysis Methodology Detailed Description of Risks Next Steps Appendices
3 1 Summary for management 1.1 Introduction As part of the implementation of the management system at XXX LLC, work was carried out to identify and assess risks. The management system is aimed at timely identification, analysis and prevention of risks that may negatively affect the achievement of the company's goals, thereby reducing its value. This document was developed to inform the Company’s management about the most significant issues of the Company and contains recommendations for further steps to improve the management system (hereinafter referred to as the RMS) in the Company. Work to identify and assess the risks of XXX LLC was carried out on the basis of Order XXX LLC XX dated XX.XX.XXXX. 1.2 Approach Work to identify and assess risks was carried out in accordance with the international standard for management ISO 31000:2009 and included: risk identification; risk analysis and prioritization; mi control; risk level monitoring. During the work, interviews were conducted with the participation of the following employees of XXX LLC: xxx xxx xxx A detailed description of the methodology is presented in Section 2 of this report. 1.3 Key risks In the process of analyzing the risks of XXX LLC, XX risks of the company were identified, of which XX risks are critical and require special attention from management. Full details of x are provided in Section 3 of this report. Description Level Owner 3
4 1.4 Next steps The key components that determine the effectiveness of the company’s risk management system are the implementation of measures to manage the identified risks, as well as the systematic monitoring of such risks. To this end, XXX LLC should: Approve the list of risks identified as a result of this analysis and their owners; Develop measures to manage key risks together with risk owners and include them in the business plan and budget of the Company; Finalize and approve the Management Policy; Update identified risks and activities on an annual basis; Appoint a coordinator for the management system; Organize risk management training for employees. Further steps to develop the company's management system are described in detail in Section 4 of this report. 1.5 Acknowledgments We would like to express our gratitude to XXX for the support in organizing and carrying out the work to identify and assess the risks of XXX LLC. 4
5 2 Risk analysis methodology 2.1 Description of the process Risks were identified on the basis of internal documents of XXX LLC, as well as interviews with employees of key divisions of XXX LLC, during which the company’s risks, their causes and consequences were formulated. Based on the results of this stage, a preliminary risk register was compiled and agreed upon. The above activities made it possible to identify the risks of XXX LLC and group them for systematization purposes into the following seven categories: Management team risks associated with key employees (lack of competencies, fraud, leaving the company, etc.); Demand, market and competitors risks associated with the Company’s commercial activities (low demand for products, high competition, market barriers, etc.); Technological risks risks associated with the peculiarities of the production technology of the Company's products; Risks associated with construction and supply of equipment - risks in the field of construction and acquisition of equipment (unscrupulous suppliers/general contractors, exceeding construction deadlines and budget, logistics, etc.); Financial risks risks associated with financial condition, liquidity and solvency (raising capital, currency risks, tax risks, etc.); Legal risks / legislation risks associated with legal features and the legal field of the Company’s activities; Suppliers / partners / co-investors - risks associated with conducting competitive procedures and concluding contracts, supplying materials and equipment. The identification of risk categories and further updating of risks made it possible to conduct a risk assessment and identify risks, the impact of which could critically affect the Company’s activities. In order to assess the risks, a working meeting was held with the heads of the main structural divisions, the main purpose of which was to assess and prioritize the identified risks based on damage criteria and probabilities. Based on the results of this stage, the final version of the risk register was prepared, and risk maps for XXX LLC were compiled. Risks that fall into the red zone are critical for the organization and require immediate response (development of mitigation measures, appointment of responsible persons, deadlines and periodic monitoring). For the purposes of risk assessment and, based on the risk appetite of the Company, risk assessment criteria were developed. 2.2 Risk assessment criteria 5
6 2.2.1 Criteria for damage assessment The identified risks were assessed in terms of materiality and the amount of potential financial and reputational damage Level High 3 Medium 2 Low 1 Impact The implementation of one or more risks in this category could lead to a significant decrease in revenue or increase in expenses of the company or reputational damage for the company. The realization of one or more risks in this category may lead to an average decrease in income or an increase in the company's expenses and insignificant reputational damage. The realization of risks in this category may lead to an insignificant decrease in income or an increase in the company's expenses. Probability assessment criteria. The identified risks were also assessed in terms of the likelihood of a risk event occurring. Occurrence Level High 3 The risk has occurred several times in the past, there is a high degree of uncertainty regarding the likelihood of occurrence, or internal or external conditions indicating that the risk is likely to occur within the next year. Medium 2 The risk is likely to materialize within a year. Low 1 Low probability that the risk will materialize within a year. 2.3 Risk map Based on the results of the risk assessment, a consolidated risk map of the Company was compiled. The risk map allows you to assess the relative importance of each (compared to other risks), as well as highlight risks that are critical and require the development of measures to manage them. The map is divided into several areas, highlighted in different colors: Risks of a critical level, presented on the diagram in the red area, are risks that are critical for the Company either due to a high probability of occurrence or due to a serious potential for damage; Medium-level risks presented on the diagram in the yellow area are risks that have an average probability of occurrence or an average potential impact on the financial condition and reputation of the Company; Low-level risks presented on the diagram in the green area are risks that have a low probability of occurrence and/or do not have a significant impact on the Company’s activities. 6
7 3 Detailed description of risks Management team Demand, market and competitors Technological risks Risks associated with construction and equipment supply Financial risks Legal risks / legislation Suppliers / partners / co-investors 7
8 3.1 Management team Risk map Damage level low average high low average high 8
10 3.2 Demand, market and competitors Risk map Damage level low average high low average high 10
12 3.3 Technological risks Risk map Damage level low average high low average high 12
14 3.4 Risks associated with construction and equipment supply Risk map Damage level low average high low average high 14
16 3.5 Financial risks Risk map Damage level low average high low average high 16
18 3.6 Legal risks / legislation Risk map Damage level low average high low average high 18
20 3.7 Suppliers / partners / co-investors Risk map Damage level low average high low average high 20
22 4 Further steps Formation of a risk map and register is an important stage in the implementation of a risk management system at an enterprise. Further steps within the framework of the implementation of the information management system in the company may include: Implementation of regulatory documents Development and implementation of information management measures Development of a culture of information management 4.1 Implementation of regulatory documents In order to implement internal regulatory documentation for information management as efficiently as possible, the Company is recommended to do the following: Adapt and approve the project Policy for management of funds (presented in the Appendix) taking into account the requirements of the Company; Bring the management policy to the attention of the Company's employees. If necessary, organize training; Publish the Management Policy on the company’s external website for the purpose of familiarization with external stakeholders. 4.2 Development and implementation of risk management measures In addition to creating a regulatory framework for risk management, the Company is recommended to take the following steps to complete the RMS implementation cycle: Identify the owners of key risks identified during the formation of the risk map and register; Instruct risk owners to assess the effectiveness of existing controls and develop action plans to manage the most critical ones; Appoint one of the company's managers as coordinator of the company's management system; Conduct regular assessments of employee performance management performance as part of the annual motivation process; Update and review identified risks and activities as part of annual business planning and budgeting. 4.3 Development of a culture of business management Below is a list of activities and an approach that will help develop a culture of business management in the Company. Organize periodic training on risk management for employees Include a discussion of risks in the Company on the agenda of meetings of the Board of Directors on a semi-annual basis Assign responsibility for risk management to each employee using job descriptions and regulations on departments (if any) 22
23 5 Annexes Draft MI Management Policy 23
24 Limitation of liability This document was prepared by YYY OJSC (hereinafter referred to as the “Contractor”) and contains the results of the analysis and risk assessment of XXX LLC (hereinafter referred to as the “Customer”), performed in accordance with. According to the Contractor, in favor of the Customer, he carried out work on the analysis and assessment of risks and the development of the management system (hereinafter referred to as the “Work”) and presented this Report on management (hereinafter referred to as the “Report”) as the Result of the Work. In the process of performing the Work, the Contractor bases its conclusions in the Report on information provided by the Customer’s specialists or other persons, including information contained in the Customer’s internal documentation, based on the assumption that such information is complete and reliable. The Contractor does not undertake any obligation to verify the information provided and the reliability of their sources. The Contractor is not responsible for the quality of the Work performed if the information provided to the Contractor is untrue, inaccurate, incomplete or otherwise does not correspond to the Contractor’s request. Under no circumstances will the Contractor be liable for any loss, damage, costs or expenses arising in any way or resulting from the negligence, negligence, fraud, omission, misrepresentation or willful default on the part of the Customer, the Customer's management or any persons associated with the Customer. The contents of this Report are strictly confidential and the parties will take reasonable measures necessary to protect the confidentiality of the Report from unauthorized disclosure to third parties. Regardless of whether the Contractor's consent to disclose the Report or part thereof to third parties is obtained or not, the Contractor is not liable to any third parties who have access to the Report. 24
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From January 27, 2018, microfinance organizations are required to comply with the Basic Standard for Risk Management of Microfinance Organizations (hereinafter referred to as the Basic Standard). In accordance with which each microfinance organization (hereinafter referred to as the MFO) is obliged to develop and approve a Risk Management Regulation.
One of the elements of the internal control system is the control procedure. So, according to paragraphs. 5.9 and 5.10 of the basic standard, a microfinance organization is required to create an effective internal reporting system for risk management. The scope of reporting should be commensurate with the level of risks and scale of the MFO's activities. The risk manager's report must contain the following information:
Appendix No. 3 contains the recommended form of reporting on the risk management system. Thus, the report should disclose basic information on risks and the status of the risk management process, current and upcoming tasks in the field of risk management. And also contain a risk register, risk passport, risk map.
In accordance with clause 3.3.4 of the basic standard, the risk manager or risk management unit is required to provide the management bodies of the microfinance organization with the following information in the form of a report:
Frequency of preparation of internal reporting of the MFO risk manager
MCC, which has an amount of outstanding principal debt on issued microloans and other loans of at least one billion rubles as of December 31 of the previous year, and MFC - at least once every six months.
Other ICCs - at least once a year.
To help microfinance organizations, our methodologists have developed Toolkit on risk management in a microfinance organization, which includes the Risk Management Regulations, a risk manager report template and much more.
6.1. RMS documents for register maintenance activities. The development of RMS documents for an organization should be carried out on the basis of the requirements of the Guide and not contradict it. Table 5 presents the recommended list of RMS documentation and its purpose.
| Document | Purpose of the document |
| Basic principles of organization, implementation, and control of risk management processes | The document defines the goals and objectives of risk management, the principles and requirements for the functioning of the risk management system, the organizational structure of risk management, the principles of financing the system of risk management measures; key risk indicators |
| Regulations on the activities of the unit and/or officer for risk management of register maintenance activities | A document regulating the areas of activity of a unit and or official, including: development and/or testing of assessment methods and conducting risk assessments; identification of the main risk groups in the organization’s activities; maintaining an information base on risks; filling out the organization's Risk Matrix; preparation of reports on the system of risk management measures; implementation of the risk management action plan; control over the organization of work to reduce the degree of various types of risks. conducting audits of compliance with risk management requirements on the part of the organization's divisions, etc. |
| Methodology for assessing the risk level of register maintenance activities | Description of approaches and methods for carrying out identification procedures, risk assessment, and development of risk management measures. |
| Risk management reporting forms | Forms for providing information about risks from departments, as well as forms for reporting risks to stakeholders. |
| Annual action plan for a system of risk reduction measures | Contains the name of the event, targets, the person in charge and the department responsible for the implementation of the event; deadline and/or frequency, etc. (Appendix 3). |
| Risk limitation targets | Planned level of acceptable values for the implementation of operational risks (Appendix 4) |
In addition to the documents listed in Table 5, the organization should develop a Risk Management Regulation containing a description of the distribution of powers, the procedure for collecting information, maintaining an information base, providing reporting, and those responsible for carrying out procedures within the risk management system.
RMS reporting should ensure the solution of risk management tasks and is intended for a full and transparent exchange of information about risks and informing officials of the organization about them.
| Reporting document | Fills in | Purpose of the document |
| Risk classifier | | A list of risks with key information on them, which can further be specified by detailing information about objects exposed to these risks, subjects affected by risks, deadlines, regulations, projects, counterparties and other relevant information that gives a complete understanding of the risk area under consideration |
Risk passport | Units (heads of units) together with the Head of the risk management unit (if necessary) | A document describing all necessary risk information (Appendix 2). |
Risk Matrix | Head of Risk Management Division | A textual description and assessment of a limited number of organizational risks, forming a rectangular table. |
Quarterly report on the implementation of the RMS Action Plan | Head of Risk Management Division | The report contains the results of the implementation of the event and achievement of target indicators. In case of non-compliance with the RMS action plan, explanations of the reasons must be given. |
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