Introducing consistent risk management standards at the Group is aimed at maintaining risk within the set boundaries and ensuring that business objectives are achieved, while maintaining the Group’s security. The enterprise risk management process is inspired by solutions based on best practices, i.e. ISO31000, COSO II, FERMA as well as the specific nature of the Group. A uniform enterprise risk management system encompasses risk identification and assessment, development and implementation of risk response plans, monitoring and reporting on risk management performance.
This policy in the context of risk refers to social responsibility, which is a fundamental matter. Responsibility for internal and external environment is included in the Group’s decision making processes. This approach, taking into account the non-financial consequences of decisions, applies to enterprise risk management.
JSW’s internal audit function operates on the basis of JSW’s Internal Audit Regulations, adopted by JSW’s Management Board and Supervisory Board. This sets out rules, authority and responsibility and ways to exercise the internal audit function at JSW. The Regulations also specify where the office responsible for implementing the function and internal audit tasks is placed within JSW’s organisational structure.