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The Risk Management Office of JSC UZ was created at the end of 2019 and reports to Company’s Supervisory Board and the Chairman of the Management Board.
The target model of the risk management system stipulates the implementation of the best practices, aligned with the "three lines of defense" model and progressive integration of risk management into business processes at all levels, in order to improve assurance on the achievement of strategic and operational goals, effectiveness of business processes and financial sustainability of the Company.
The program for implementation of risk management system envisages the use of unified risk classifier and centralized risk register that would allow Company to analyze risk impact factors both at the level of branches and consolidated at Company level, and manage identified risks in an efficient way.
The Risk Management Office also develops corporate risk management framework that would consider procedures and methodologies for continuous risk management process, including not limited with the focus on Company’s key risks, scheduled risk runs for evaluation of risk capacity and risk appetite, as well as implementation of tools and technics for internal controls monitoring and testing.
The top-priority tasks of the Risk Management Office:
- promote culture of risk-weighted managerial decisions
- integrate corporate risk management tools and techniques to current business operations
- manage of key risks based on the regular analysis and impact assessment
- monitor the effectiveness of risk response strategies and mitigation measures
- continuously improve the internal control and risk management system