Uzbekneftegaz begins work on introducing a risk management system
24/03/2020 13:07
Uzbekneftegaz begins work on introducing a risk management system
24/03/2020 13:07
Tashkent, Uzbekistan (UzDaily.com) -- Uzbekneftegaz has begun work on introducing a risk management system, which is a combination of processes, methods and information systems aimed at achieving goals and objectives in the field of risk management at the enterprise, the press service of Uzbekneftegaz said.
Also, an effectively functioning risk management system serves to improve the decision-making process by the company’s management and the development of the brand of Uzbekneftegaz.
The prerequisites for the creation of this system were laid with the technical assistance of the international consultants of the Asian Development Bank as part of a package to improve the corporate governance system.
It is worth noting that the introduction and application of this system is one of the criteria for evaluating a company when assigning an international credit rating.
Uzbekneftegas has developed a methodology and regulation on risk management, and also identified key stages of the implementation process. At this stage, the primary collection and preparation of an enlarged risk register in the main areas of detail has been carried out.
It is worth noting that this system requires regular optimization and adaptation to the activities of the company. The implementation process includes the refinement of internal policy in this area in accordance with international standards ISO 31000; 2018, advanced training of company specialists, as well as automation of the risk management process.
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