The Management Board Representative for Integrated Management and Risk Management System is responsible for coordinating the entire enterprise risk management process, developing methods and tools used by managers at all JSW Group companies and for monitoring and escalating risks and for reporting incidents at agreed time intervals.
JSW’s Management Board is responsible towards the shareholders for the entire risk management system, oversight of the process and for ensuring effective risk responses.
The Risk Committee’s duty is to effectively manage risk and monitor key risks on an on-going basis. It periodically reviews current risk levels, supervising the implementation of risk response plans, evaluates the Group’s overall resilience to risk and submits proposals to the Management Board regarding risk reduction.
Within the risk management process, JSW’s Supervisory Board is tasked with monitoring the key risks as well as ways of handling these risks. Each year, the Supervisory Board submits to the General Meeting a concise assessment of the Company’s situation, including an assessment of the internal control system and risk management system.
Internal audit is an important element in ensuring the effectiveness of the risk management system. The annual internal audit plan is based on risk assessment and is aligned with business objectives. In the course of each audit task, assessment of the current level of specific risks is carried out. Internal audit is also responsible for performing an independent assessment of adequacy and effectiveness for risk management and issuing recommendations ensuring continuous improvements in risk management practices.