In 2007 KEGOC successfully implemented and since then has been operating the risk management system compliant with generally accepted conceptual models of risk management developed by the Committee of Sponsoring Organizations of the Treadway Commission - COSO ERM ‘Risk Management. Integrated model (COSO)’ and requirements of Samruk-Kazyna.
The corporate risk management system (CRMS) is a key component of the corporate governance system that shall timely identify risks, evaluate them, and develop risk management measures that would mitigate their impact on the achievement of strategic and operational goals of KEGOC.
Risk management process
The most important and relevant
risks of KEGOC for the reporting year:
|The risk of work-related accidents
|In order to mitigate this risk KEGOC provides training for the executive employees and persons responsible for health and safety; safe driving training in extreme conditions for vehicle drivers; develops and distributes safety training videos and presentations to the MES branches in order to educate staff on safe working methods; practices video recording of the operational switching and repair work in order to identify violation of health and safety regulations and develop measures to prevent them in future; arranges the specialized certification organization inspections of technical condition, management of electric network operations, health and fire safety procedures to identify any violations, certify safe operation conditions at operating facilities in the branches; conducts studies and analysis of best practices of foreign and domestic companies in the field of industrial safety and health.
|To manage the currency risk KEGOC holds its funds on deposits in foreign currency.
|Asset failure risks
|To mitigate the asset failure risk, KEGOC performs repair and maintenance works on power grid facilities in accordance with the requirements of regulatory documents; identifies and rectifies defects during the operation process; and rehabilitates and upgrade assets, as needed; trains personnel on repair methods and technologies at advanced training courses; educates the population and organizations on observance of the electricity grid buffer zone management rules and special conditions of using land located within the borders of such zones.
|Risk of decrease in the amount of rendered system services provided in the business plan
|To mitigate this risk KEGOC tries to forecast the amounts of system services for the coming periods based on growth / decrease trends of electricity generations and consumption from the approved forecast balance of electricity and capacity.