MMK's math-modeled risk management system proves Russia's best

16 October 2015 (13:35)

UrBC, Magnitogorsk, Chelyabinsk Region, October 16, 2015. Magnitogorsk Iron & Steel Works/MMK has won in the international Best Risk Management Contest as the Best Risk Management Program for the second time this year.

'The plant presented a report on how risk assessment affects the achievement of a company's goals. At the core of our analysis is mathematical modeling of how identified and described risks of varying degrees affect MMK's business processes. The simulated outcomes make it possible to determine which particular risks turn out to affect the processes most and, therefore, what exactly the company management must focus on to achieve its goals,' MMK says.

MMK proved Russia's first ferrous metallurgical enterprise to adopt a risk management policy and to introduce a multi-faceted risk management system. Over the last fifteen years, the company has arrived at a smooth algorithm that encompasses analysis, prediction, and minimization of potential risks at all stages, ranging from buying supplies to budget planning. MMK also plans to keep improving its risk management system (for example, by applying its statistical analysis and math modeling systems to wider areas or production).

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