Risk management is one of Uralchem’s strategic priorities.
Effective risk management is a prerequisite for ensuring the Company’s financial stability, maintaining its reputation and achieving its strategic and operational goals. Uralchem manages risks in accordance with modern standards of production and management quality, with the highest possible consideration of the interests of all stakeholders.
We constantly analyse and refine risk management tools based on external and internal changes, opportunities and challenges in our markets. Action plans are developed if a deficiency is discovered or an improvement opportunity arises.
The Company strives to comply with international risk management standards, COSO ERM and ISO 31000. Effective risk management allows us to mitigate or avoid potential adverse impacts, increase business stability, accuracy of planning and achievement of goals, and minimise unforeseen incidents. Every major business decision includes a risk assessment procedure.
The objectives of the Company in risk management are as follows:
- providing reasonable assurance of the achievement of the strategic and operational goals of the Company
- ensuring efficiency of financial and economic activities
- ensuring integrity of assets
The risk management system includes the following key elements:
- risk identification
- risk analysis and assessment
- risk minimisation measures including internal controls
- risk monitoring