In accordance with clauses 3.2.38 and 7.1.17 of the Articles of Association of ASCO and the Order No. 254, dated 11.12.2019 issued by ASCO, the Risk Management Committee (the Committee) and the Working Group were established and their Statute, as well as “The Risk Management Policy of Azerbaijan Caspian Shipping Company was approved for the purposes of increasing the effectiveness of the determination, assessment and management of risks associated with the activities of ASCO, ensuring the implementation of best practices of the leading international companies in this field, and regulation of relations arising out of such transactions.
The main objectives of the Committee are the following :
- Ensuring compliance of the objectives of the risk management system with the objectives of ASCO ;
- Organization of effective risk management system ;
- Providing effective interrelations between subordinate entities within the risk management framework ;
- Ensuring the timely submission, completeness and accuracy of ASCO’s risk information ;
- Ensuring adoption of the management decisions taking into account the risk data.
The functions of the Committee are as follows :
- Determination of risk management system development strategy ;
- Determination of risk importance criteria ;
- Approval of methodological documents within the framework of the risk management system ;
- Supervision of the risk management system operation ;
- Organization of the informing system on the risk monitoring system and the risk realization ;
- Assessment of the effectiveness of measures taken by the Working Group on Risk Management and by responsible persons designated for the management of risks working at subdivisions of the company ;
- Reviewing the risk management concept, determination, assessment and monitoring of risks, as well as, risk management guidelines, including the Annual Corporate Risks Chart and presentation thereof to be approved ASCO Chairman.