The goals, objectives and principles of the Group’s risks management are formulated in the Risk and Business Continuity Management Policy. The risk management system ensures integration of risk management tools in the key business processes to determine areas of responsibility and risks monitoring at all managerial levels within the Group.
The Risk Committee was formed in Irkutsk Oil Company in 2015 and now operates at the level of JSC INK-Capital. It ensures the implementation of the risk management system in all areas of the Group’s activities, as well as performance tracking and cross-functional coordination.
The Board of Directors assesses the efficiency of the risk management system on a yearly basis, with an independent assessment conducted every three years by the BIG4 specialists. The risk management system has been acknowledged as efficient and aligned with the international standards.