Risk management and internal control
The Corporate Risk Management System (hereinafter referred to as CRMS) aims to timely identify, assess, manage, and monitor risks that may affect the achievement of the organization’s strategic and operational goals.
Our primary internal regulatory document governing risk management issues is the Fund’s Risk Management and Internal Control Policy.
The Risk Management Department, Compliance Service, and Internal Audit Service bring information about emerging critical issues and issues requiring attention to the Board of Directors. GRI 2-16
The Fund's Internal Audit Service is a critical element of risk management and control system. The Service conducts its activities according to international professional internal audit standards, including the International Institute of Internal Auditors Code of Ethics. In 2023, the Internal Audit Service successfully passed an external independent assessment for compliance with the International Professional Standards of Internal Audit and the Code of Ethics developed by the Institute of Internal Auditors.
The role of the Board of Directors is to approve the Fund’s general risk management and internal control policy.
The Management Board is responsible for the organization and effective functioning of the CRMS.
In 2023, the risk register included 22 risks, the most significant for the Fund’s activities. The risks are divided into the following groups: strategic, financial, operational, and legal.
The 2023 risk register includes risks associated with ESG, such as accidents, social instability, personnel risks, litigation risks, compliance risks, and highlighted environmental risks, including climate risks.
