UrBC, Yekaterinburg, April 1, 2020. The Board of Directors at ChelPipe Group (which currently comprises three independent directors) and BOD Chair Andrei Komarov held an extraordinary meeting to consider and adopt a concept for the development of a risk management system, the company’s press service reports.

The concept focuses on further improvements in the risk management system in full compliance with the best global practices and sets out a risk matrix for the year 2020, with all the potential adjustments, in order to help the business remain stable even on a volatile market and during a COVID-19 pandemic.

‘ChelPipe Group keeps a close eye on the market situation; the company management set up an anti-crisis unit chaired by the Director-General; the unit is now in charge of designing and implementing the measures that help the business remain stable and help the company workers stay safe and healthy,’ the press service says.

Under the terms of the company’s development strategy for 2020-2024, ChelPipe Group’s management’s efforts are directed towards keeping the business competitive and towards implementing the company’s operational efficiency enhancement program. The goal is to increase the annual savings by RUB 5 billion this year compared with the year 2019. The proposed steps include a drop in administration costs, optimization of maintenance and repair/logistics/energy supply processes, and launch of a series of digital solutions in order to increase tubing stock output. At the same time, the Group intends to keep working on its investment program, with a flexible approach to capital investments depending on the market opportunities.