The risk management system in PKP CARGO S.A. is expected to support the Management Board and executive staff in attainment of objectives and execution of their duties. From January 2017 the Company has had in place the Risk Management Policy, developed on the basis of the provisions of the ISO 31000 standard (Risk Management).
The risk management process in PKP CARGO S.A. permeates throughout the organization and everybody, to the extent of their capabilities, manages the risk. However, individual roles change together with the hierarchy in the Company:
- The Supervisory Board Audit Committee assesses the risk management system;
- The Company’s Management Board is responsible for risk management on the basis of the adopted Strategy; it primarily defines the directions of the Company’s development and makes decisions regarding risk handling plans;
- The risk owners, i.e. directors of the Company’s Units and Head Office departments, are responsible for risk management in their respective areas of activity. Risk identification, analysis and evaluation, especially the decision on how to respond to the risk, is an area where decisions are made and at the same time liability is incurred by the risk owner;
- All employees manage risk in the Company to the extent of their capabilities: they respond if a risk materializes or an incident occurs, inform their managers about events that may lead to negative consequences in the Company’s operations or breach its reputation;
- Risk Leader – person whose task is to coordinate all matters associated with risk management. Collection and analysis of information and reporting to the Management Board and Supervisory Board Audit Committee.
Risk identification, analysis and assessment carried out at least once a year allows for taking such actions as are required to execute the adopted plans. In addition, due to the materiality of selected risks, some of them are subject to special monitoring. It is conducted using risk indicators (KRI, Key Risk Indicators) whose level is monitored and reported on a monthly basis. The risks subject to special monitoring include not only the risks associated with the Company’s operating activity but also reputation risk or risk associated with dialogue with the social side.
The industry leader position imposes on PKP CARGO S.A. specific duties associated with conducting operations in the business environment.
At the same time, care for efficient execution of the objectives stimulates the use of effective tools.
- Code of Best Practice for Listed Companies.
- Amendments to the accounting act – non-financial reporting.
- External auditor’s opinion.
- Execution of assumed objectives
- Attainment of the results planned in the Business Activity Plan
- Maintenance of the appropriate level of protection for material information