The 16th Corporate Risk Management Systems conference was held in Moscow. The event, which is supported by the CFO Russia portal, discussed the corporate risk management model in the new reality, improvements to the efficient and swift response to new risks, and risk management tasks related to timely communication with business departments. The conference gave practical recommendations on how to work with risk owners and staff in various departments and reviewed successful cases of cross-functional interaction in establishing new logistics chains.
Natalia Sevalneva, senior expert in risk management and optimization of control procedures at Polyus’ Internal Control and Audit shared a practical case on climate risk assessment methods.
Natalia presented TCFD methodological recommendations in terms of climate risks and alignment with the corporate risk management system. In addition, she talked about the specifics of physical climate risk assessment:
«As part of the working group for climate strategy led by the Sustainable Development Department, we performed a qualitative and quantitative assessment of physical climate risks as required by TCFD, while applying rating scales used in the corporate risk management and internal control system. The qualitative assessment of physical risks (for example, the zero-crossing number and permafrost thawing) was performed by experts from our mining business units. The quantitative assessment included a beta distribution calculation of downtime based on weather records since 1929 using specialist software. We were pleased to see that the results of the qualitative and quantitative assessment matched, proving the integrity of our experts».
To read more about the outcomes of the conference please follow the link.