June 6, 2014.The risk management policies pursued by Magnitogorsk Iron & Steel Works (MMK) were estimated very highly by the professional community at the 9th International Best Risk Management 2014 Exhibition. The company was declared a laureate in the Best All-Round Risk Management Program category.

‘Making the company’s risk management system work took a lot of effort. The recent diagnostic checks have shown that the system is working efficiently and meets all the global standards. MMK has a full understanding of the peculiarities of managing business processes both at the enterprise itself and in the sector on the whole. Risk minimizing procedures are being developed when necessary, while the company’s top managers get all the information relating to the efficiency of business processes and corporate governance systems promptly and in full,’ says Head of MMK Internal Control, Audit, Risk Management & Business Processes Department Ekaterina Bolotova.

Over the last fifteen years, MMK has developed a smooth mechanism for analysis, forecast, and minimization of potential risks, from purchase procedures to budget planning and optimization. Four key structures have been set up since: internal control, internal audit, and business processes and risk management systems. In 2014, all these structures were merged into a single Internal Control, Audit, Risk Management & Business Processes Department.