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Risk Management

Since 2015, the INK Group has been working to implement and develop an integrated risk management system (IRMS). The IRMS defines a unified approach to the risk management process and combines unified tools and methods for risk analysis, including sustainability, environmental, safety and social risks.

The Group’s risk management goals, objectives, and principles are defined in the Risk and Business Continuity Management Policy.

The risk management system is built on the principle of integrating risk management tools into all key business processes, which makes it possible to form areas of responsibility in the relevant area and monitor risks at all management levels of the Group.

INK Group's Main Sustainability Risks

  • Risks associated with environmental and industrial safety
  • Climate risks
  • Cyber risks
  • Risks associated with the availability of qualified workers.

The Company takes preventive measures to avoid the occurrence of risks and to protect people, the environment, reputation, equipment, and processes. For more on managing key risks, see Annual Report.

The Board of Directors and the Audit Committee of the Board of Directors of the Group’s holding company, JSC INK-Capital, review on an ongoing basis issues related to the management of key risks affecting the Group’s priority objectives.

In accordance with the recommendations of the Code of the Bank of Russia, the company’s executive bodies shall ensure the creation and maintenance of an effective risk management system. For these purposes, a Risk Committee was created in 2015 at Irkutsk Oil Company LLC (the Group’s main operating company), which has functioned at the level of the Group’s holding company since 2021 and is chaired indefinitely by Marina Sedykh, General Director of JSC INK-Capital. The Risk Committee was established to implement and operate the IRMS in each area of the Group’s activities, ensure an appropriate level of control over the results of risk management and coordinate the activities of all divisions and employees involved in the risk management process. The Risk Committee reports to the Board of Directors and the Audit Committee of the Board of Directors of JSC INK-Capital.

The Board of Directors annually reviews information on the effectiveness of the risk management system. Every three years, the largest international consulting companies in the BIG4 conduct an independent evaluation of the effectiveness of the IRMS. Overall, risk management system of Irkutsk Oil Company LLC is recognized as effective and consistent with international best practices and standards in risk management.

The INK Group actively develops risk management competencies in its employees. The RiskMan chatbot was created to search for risk information and became the Group’s first virtual assistant. The tool helps to understand the basics of the system approach to risk management, presents the main stages of this process, talks about the tools to identify, analyse and assess risks.

The high results of IRMS development in the INK Group are confirmed by external evaluations and awards.

In 2018, Irkutsk Oil Company LLC representative Denis Skorokhodov was named Best Risk Manager of the Year as part of the All-Russian Professional Reputatsiya Award, one of the most prestigious in the Russian financial community.

In 2021, the project on risk analysis of large-scale cargo delivery for the Irkutsk Polymer Plant won gold at the international contest Facilitation Impact Awards 2021. This operation became the biggest logistics project in the Irkutsk Oblast and one of the largest in the contemporary history of Russia. The key problem was narrow navigation window that was only one month long. Facilitation Impact Awards (FIA) is the most prestigious international award in the field of strategic sessions. The contest is organized by the International Association of Facilitators, a professional community uniting the specialists in the field of team discussions moderation from more than 65 countries worldwide.

In November 2021, Expert RA rating agency assigned a ruA+ credit rating to the non-financial company INK-Capital. The forecast for the rating is stable. The agency noted the high level of detail and validity of the strategic financial model of the Group and the high quality of the organization of its risk management.

International Baikal Risk Forum (BRIF)

Since 2017, the INK Group has been holding the International Baikal Risk Forum (BRIF). BRIF is the first international practical forum on risk management in Eastern Siberia and the Far East, where major Russian and foreign companies share their experience in risk-oriented solutions in business management.

  • >300 cases

    in Risks Management and Business Continuity

  • 30 th. people

    total audience of the forum

  • 500 speakers

    experts of the world level and top-managers

Taking into account the changes in the world economy and the focus on ESG aspects, INK Group has chosen “The Course to Sustainable Development: Risks and Opportunities for Business” as the key theme of BRIF-2021. The Forum provides opportunities for participants to coordinate their actions, exchange experiences and find solutions on how to turn the global challenges facing humanity into opportunities for business development and economic growth in Russia as a whole.

“Baikal Risk Forum is a unique platform on the territory of Eastern Siberia and the Far East for the exchange of experience in risk management and sustainable development. The BRIF is aimed at the consolidation of best practices, development of competencies of INK Group employees and involvement of young specialists in the implementation of corporate projects in the field of sustainable development.”

General director of JSC INK-Capital, Marina Sedykh