Risk Management System
Corporate Risk Management System is a key element in corporate governance system that focuses on timely identification, evaluation, monitoring and mitigation of potential risk events which may negatively affect achievement of strategic goals of Export Insurance Company KazakhExport JSC (hereinafter the ‘Company’).
The Company has approved Risk Management Policy which defines a risk management structure and key elements of a risk management system (RMS), ensures a systematic and consistent approach in conduct of a risk management process.
The Company has also developed mechanisms to implement RMS Policy of the Company:
- methods and procedures for risk assessment and management;
- methodology of risk identification and assessment, selection of methods of risk management of the Company.
Board of Directors of the Company approves a general risk appetite annually, Register and risk map of the Company quarterly. Risk Management Department of the Company continuously monitors dynamics of key risks and conduct of measures for their mitigation.
The Company pays considerable attention to development of risk culture through involvement of all the employees of the Company in a risk management process and also through regular exchange of information between the Board of Directors, Management Board and employees of the Company. The Company holds training seminars for its employees covering risk management and internal monitoring.
The Company provides for efforts to further improve corporate risk management system, in particular internal monitoring system and also business continuity management system (business interruption risk management).