Corporate Governance
Risk management system
DocumentsSamruk-Kazyna Construction JSC (the Company) is aware of the importance of developing a corporate risk management and internal control system as key components of the corporate governance system. This system is aimed at timely identification, assessment, monitoring and reduction of potential risk events that may negatively affect the achievement of the Company's strategic and operational goals.
The Company constantly improves the corporate risk management and internal control system in accordance with the best international risk management practices. In November 2019, the Company's Board of Directors approved the updated Risk Management and Internal Control Policy of Samruk-Kazyna Construction JSC, which is a document reflecting the principles and approaches to the corporate risk management system, requirements for the internal control and implementation of the control procedures, distribution of roles of participants in the corporate risk management system in the field of the Company's risk management and internal control.
In order to improve risk management processes in the Company, the Strategic Plan for the Development of the Corporate Risk Management System of Samruk-Kazyna Construction JSC for 2019 – 2021 was approved.
The Company is interested in developing a risk-based business culture. The Company’s risk culture 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 Board of Directors, the Management Board and employees of the Company.
Corporate seminars on risk management and internal control are arranged on an ongoing basis for newly hired employees, risk coordinators, and risk owners, both with the involvement of third-party organizations and the Company's own Risk Management Service.
To ensure effectiveness of the corporate risk management and internal control system, to improve risk communication between structural divisions, the Risk Management Committee operates under the Company’s Management Board, whose competence includes preliminary consideration of issues, including approval of internal regulatory documents on risk management of the Company, risk register, risk map, risk matrix and controls, risk-appetite, tolerance levels for each risk and limits, key risk indicators.
The Company has implemented regular risk reporting for the Management Board and the Board of Directors of the Company. At the same time, content of risk information disclosed in risk reports provides the Board of Directors and the Management Board of the Company with information about the current state of risks and response measures taken, changes in the control environment, significant deviations in the risk management and internal control process, measures to be implemented to improve risk management and internal control.
In order to identify areas where it is necessary to improve the corporate risk management and internal control system, the Company's Internal Audit Service annually evaluates effectiveness of the risk management and internal control system in accordance with the Risk Management and Internal Control Policy of Samruk-Kazyna Construction JSC.
Methodology of the Internal Control System of Samruk-Kazyna Construction JSC