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ANNUAL
REPORT
2018

Risk model

Tools

Introducing consistent risk management standards at the Group is aimed at maintaining risk within the set boundaries and ensuring that business objectives are achieved, while maintaining the Group's security.

Risks that can have an impact on business objectives are identified at the level of the Group’s facilities and companies.

This analysis gives us a list of qualitatively measured risks, sorted by priority. This stage is intended to produce a complete list of risks that may facilitate, hinder, accelerate or delay the achievement of business objectives. Risk identification is linked to assessment of the likelihood of threats and opportunities as well as the likelihood of specific events and the measurement of risk. The starting point for risk identification and analysis is the risk model, which sets out risk classification levels, along with definitions and examples. Risk identification and evaluation is performed in accordance with the methodology specified in the ERM procedure.

Determining the following is helpful in analyses related to risk identification:

  • type and nature of risk,
  • risk factors, i.e. reasons for materialisation of the risk (occurrence of events related to the given risk),
  • effects of risks, i.e. effects of the materialisation of risk,
  • critical points, i.e. events requiring a response from persons responsible for managing a given risk.
No. Category Area
1.1 Organisation and management Ethics and corporate culture
1.2 Corporate governance and responsibility
1.3 Owner relations
1.4 Risk management and audit
2.1 Strategy and strategy implementation Strategic equity investments and development initiatives
2.2 Change management and integration
2.3 Strategic planning and strategy implementation
3.1 Operational activity Production (extraction and processing)
3.2 Logistics (warehousing, transport, distribution)
3.3 Sales and marketing
4.1 Support functions Accounting, planning, management accounting
4.2 Capital and financial risk management
4.3 Management of taxes
4.4 Management of personnel
4.5 Law, regulations and compliance
4.6 IT systems
4.7 Physical safety
4.8 Natural threats and occupational safety
4.9 Environmental protection
4.10 Brand, reputation and marketing
4.11 Administration and corporate procedures
5.1 Surroundings Political and geopolitical factors
5.2 Social and economic factors
5.3 Competitors
5.4 Technology, ecology and other trends in the industry
Previous page Rules for controlling and monitoring risk
Next page Introduction

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