The RSPP Committee on Corporate Relations, led by RSPP Governance Bureau member Vladimir Potanin, and the National Council of Corporate Governance held a roundtable entitled Corporate Risk Management in Russia: Present and Future.
The event was chaired by a member of the RSPP Governing Board, Andrey Bougrov, who is deputy chair of the RSPP Committee on Corporate Relations and senior vice president of MMC Norilsk Nickel.
The roundtable kicked off with a discussion of the updated 2015 OECD Principles of Corporate Governance and the risk management principles of the 2014 Russian Code of Corporate Governance. Heads of risk management departments from Russia’s leading companies — MMC Norilsk Nickel, Lukoil, Aeroflot, and AFK Sistema — emphasized integration of risk management in key business processes and utilization of risk management in daily operations, trends towards lower risk and better risk management, and regular risk assessments by external consultants. The speakers also provided information about the use of simulations to evaluate risk scenarios.
Corporate management boards currently serve as the main drivers behind improvements in risk management systems. One of the most relevant issues is broadening the authority of management boards in the area of risk management while being more specific about the nature of this authority. Russian companies in general, especially
Participants in the roundtable included directors and deputy directors of risk management and internal audit departments as well as board of directors members in charge of risk management from leading Russian companies including MMC Norilsk Nickel, Lukoil, Aeroflot, Russian Railroad, Rostelekom, Polyus, AFK Sistema, MegaFon, PhosAgro, and Nizhnekamskneftekhim, as well as consulting firms such as Ernst & Young. From the regulatory side, the Central Bank of Russia and the Moscow Stock Exchange also participated.