Risk management system
Karabatan Utility Solutions LLP (the Partnership) understands the importance of developing a risk management system and procedures as a key element of corporate governance aimed at timely identification, assessment, monitoring and reduction of potential events that may negatively affect the achievement of strategic and operational goals of the Partnership.
The partnership is constantly working to improve the corporate risk management and internal control system. In January 2020, the Supervisory Board of the Partnership approved the updated Risk Management and Internal Control Policy of Karabatan Utility Solutions LLP, which is a document reflecting the principles and approaches to the organization of the corporate risk management system, the requirements for the organization of internal control and control procedures, the distribution of roles of participants in the corporate risk management system in the field of risk management and internal control of the Partnership.
The partnership is interested in developing a risk-oriented culture of conducting activities. Risk culture in the Partnership is developed through the involvement of all its employees in the risk management process, as well as through the regular exchange of information between the Supervisory Board, the Management Board and the employees of the Partnership.
In order to ensure the effectiveness of the corporate risk management system and internal control, improve risk communication between structural divisions, the Partnership Management Board appointed a risk coordinator, whose competence includes preliminary consideration of issues, including approval of internal regulatory documents on the Company's risk management, risk register, risk map, risk appetite, tolerance levels for each risk and limits, key risk indicators.
The Partnership has implemented regular risk reporting for the Management Board and the Supervisory Board of the Partnership. At the same time, the content of information on risks disclosed in risk reports provides the Supervisory Board and the Management Board of the Partnership with information on the current state of risks and response measures taken, changes in the control environment, significant deviations in the risk management and internal control process, implemented measures to improve risk management and internal control.