Risk Management Service of the Board of the NJSC «State Corporation «Government for Citizens» (hereinafter referred to as the State Corporation) was established on March 03, 2024 by transforming the Strategy and Project Management Service in order to develop the applied component of risk management and internal control systems through the implemented tools of process and project approaches to improving the efficiency of the State Corporation.
The main documents used in the activities of the Risk Management Service are the International Standard of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) "Risk Management of Organizations. Integrated Model" (2020), "Internal Control – Integrated Structure", Risk Management Policy, Internal Control System Policy, Quality Policy, generally describing the vision, goals and objectives for the development of corporate risk management and internal control systems (hereinafter – SRM). With this in mind, Risk Management Rules have been developed (approved by the decision of the Board of the State Corporation dated February 07, 2024, Protocol No. 01-02-04/05), which defines the risk management procedure in the State Corporation, including detailed procedures, mechanisms for identifying and assessing risks of the State Corporation, as well as monitoring the implementation of measures to minimize key risks.
The objectives of the Corporate Risk Management System are: achieving an optimal balance between the growth of the long-term value of the State Corporation, its sustainable development and risks; defining the main tools and procedures used by the State Corporation to manage production/non-production risks; defining the areas of responsibility of risk owners in the field of production/non-production risk management; defining internal documents that ensure the risk management process.
The main principles and approaches in the field of RMS and ICS in the State Corporation are:
- unity of the methodological base;
- complexity;
- adaptability;
- confidence;
- awareness;
- continuity;
- clear regulations.
The structure of the RMS and ICS provides for 3 categories of goals:
operational objectives that relate to the efficiency and effectiveness of the State Corporation's business processes, including operational and financial objectives, as well as asset loss protection; reporting objectives that include internal and external financial and non-financial reporting, including reliability, timeliness, transparency or other conditions set by regulators;
compliance objectives, which include compliance with the current regulatory legal acts of the Republic of Kazakhstan and the Internal Control System of the State Corporation.
RMS and ICS in a State Corporation should be based on the following principles:
- continuous operation;
- reporting of all subjects of the Internal Control System;
- effective division of responsibilities;
- proper coordination and approval of business processes;
- responsibility; clear interaction and formalization of business processes;
- continuous development and improvement; timely identification and notification of significant shortcomings of the Internal Control System.
By Order of the Chairman of the Board of the State Corporation №495 ң/қ dated August 12, 2024, Madi Kizatullayevich Isabekov was appointed Head of the Risk Management Service of the State Corporation.
Contact information: 010000, Astana city, Nura district, Kerey-Zhanibek Khandar street, 4.
Phone: +7 (7172) 95 51 83 (in. 299)
Email: m.isabekov@gov4c.kz