Key measures to improve the IRM&ICS taken in 2023
With a view to developing and improving the RM&ICS, the Company’s ordered to approve the RM&ICS Development Programme of Rosseti Kuban, PJSC.
In the reporting year, the Company implemented the following key activities aimed at the improvement of the RM&ICS:
- The Risk Management and Internal Control Policy of the Company was approved (Minutes of the meeting of the Board of Directors of the Company No. 521/2023 dated 16 June 2023)
- The preferred risk (risk appetite) of the Company was updated (Minutes of the meeting of the Board of Directors of the Company No. 535/2023 dated 5 October 2023)
- Methodological framework of RM&ICS was developed/updated, including:
- Glossary related to risk management and internal control
- Risk appetite determination procedure
- Procedure for organising risk management and internal control
- Procedure for organising risk management and internal control regarding the prevention of corruption and misconduct
- Typical list of risks and risk owners
- Risk assessment and monitoring methodology
- Guidelines for preparing a report on the organisation, operation and effectiveness of the risk management and internal control system
- Process regulations, including risk matrices and control procedures
- Current control of high‑risk business processes was exercised through approval of documents for procurement procedures and participation of the Risk Management and Internal Control Department in the Company’s collegial bodies
- Local regulations were approved that govern control procedures, including those intended for availability, efficiency and sufficiency of controls
- Control activities were undertaken to assess the adequacy, efficiency and effectiveness of the RM&ICS, involving comprehensive audits of the financial and economic activities of the Company’s branches and audits of subsidiaries
- Financial stability was subject to monthly monitoring, counterparty liquidation and bankruptcy proceedings were supervised