UrBC, Nizhniy Tagil, October 9, 2015. Ural Vagon Zavod Corporation keeps introducing a risk management and internal control system within its member enterprises. The launch process is now at its third stage, where the results of key risks assessment must be looked at and discussed. The company’s top-tier managers gathered together at the corporation’s head plant to join in the discussion, the company press service reports.

First, a workshop on risk management and internal control was conducted for heads of Corporate Governance Center in Nizhniy Tagil. Then, a group of risk managers from a Moscow-based company and members of a risk management and internal control team worked together to identify and prioritize risks as critical, moderate, and minor. The six months since the start of the program have already resulted in a full-fledged set of norms and regulations in the field of risk management, an analysis of management surveys and interviews, and a list of identified key risks that could affect the achievement of company goals.

The company also engaged in a qualitative assessment of risks to single out the three key goals that can be affected by risk factors. These goals are: to make sure the military goods meet the required state procurement standards; to meet the civilian goods target production figures; and to implement the federal special-purpose programs in full.