For many companies financial control is the basis for risk management. However, the recent studies have shown that 87% of the identified risks are non-financial. Nonetheless these non-financial risk sources can significantly affect the company. International experts shared their knowledge on how to manage, identify and predict risks at the corporate seminar of "Samruk-Energy" JSC (hereinafter - Company) - "Risk management. The modern concept of risk management".
The seminar was attended by members of the Board of Directors and Management Board, Chief Directors and Heads of divisions, Directors of the Company’s business units as well as Chairmen of key subsidiaries and affiliates of the Company (hereinafter - SA).
Craig Murray from PWC London office who has 15 years of experience in corporate governance, risk management, compliance with regulatory and legal requirements and standards acted as a teacher and an expert. Currently he manages tasks on enterprise risk management (ERM) specializing in energy, utilities, natural resources and manufactured goods.
"Risk can and should be controlled, as well as internal business processes of the company. Ineffective risk management can imply serious trouble. Often many insignificant risks are interrelated, and even minor incidents can cause a chain of events that will lead to major losses", - believes Craig Murray.
Elmira Stamkulova is a Senior Manager at PwC Kazakhstan, she is in charge of internal auditing practice in Eurasia, has fourteen years of experience in risk management, internal audit and internal control. She shared knowledge in internal auditing and preparation of statements in power and mining sectors with participants of the seminar. In her opinion, the risk management in this industry is not only the "recipe" for the treatment of illness, but first and foremost a prevention. The question concerns whether this preventive treatment is properly prescribed.
Long-standing practice of western colleagues and highly qualified experts is beneficial for efficient risk management. Thus, in future, participants of the workshop will be able to adopt the experience of risk management and apply it what we call “In the field”.
Examples of effective risk management in the power and coal industries worldwide, relationship of risks with key performance indicators and strategy, as well as other intricacies of building risk culture in the company were considered at the workshop.
Workshop participants received PWC certificates.