Gazprom Neft has a Risk Management Policy that defines the goals and principles of risk management in order to make the Company’s business more secure in both the short and the long term.
Risk management has become an integral part of the corporate environment of Gazprom Neft, by virtue of the following processes:
- Implementing a risk-oriented approach in all aspects of production and management;
- Undertaking systematic analysis of identified risks;
- Building a system to control risks and monitor the efficiency of risk management activities;
- Making all employees aware of Gazprom Neft’s basic principles and approaches to risk management;
- Ensuring the required regulatory and methodological support;
- Distributing authority and responsibility for risk management between the Company’s business units.
Risk management objectives
The Company’s goal in risk management is to ensure that Gazprom Neft can achieve its strategic goals, as far as possible, by identifying and guarding against risks, and by putting effective mechanisms in place to deal with them.
Gazprom Neft’s risk management system ensures the smooth operation of the Company’s production and business processes by anticipating threats and mitigating the impact of adverse external and internal factors.
The goal is to be achieved through the following objectives:
- Building a risk management culture in the Company that will create a shared understanding of risk management principles and approaches among the management and employees;
- Generating and implementing a system-based approach to identify and assess risks inherent in the Company as a whole and its individual activities;
- Promoting exchange of risk-related information among the Company’s structural subdivisions, and joint generation of risk management action plans;
- Providing consistent information about risks to the Company’s management bodies.