SNGPL has always been proactive in adopting best business and management practices. Risk Management is regarded as an integral part of sound management practices. Risk Management is a process, affected by an entity’s Board of Directors, Management and other personnel, applied in strategy setting across the enterprise, designed to identify potential events that may affect the entity’s growth, manage risks within its risk appetite and to provide reasonable assurance regarding the achievement of an organization’s objective.
Risk Management Department has been established in SNGPL to assist & provide guidance to all functional units in designing & implementing efficient processes to identify, analyze, and treat risks. Moreover, Risk Management Department has a separate responsibility to monitor risk profile for existing risks & the potential consequences of emerging risks.
“To create an embedded risk awareness culture and promote efficient and effective Risk Management across SNGPL at all levels to achieve organizational objectives.”
“To provide guidelines for developing a comprehensive approach for all departments of SNGPL to anticipate, identify, prioritize, manage & monitor the portfolio of principal risk impacting SNGPL’s Objectives. To introduce standardized policies & procedures, competencies, accountabilities, reporting structure for effective implementation of risk management framework.”
At SNGPL, risk management is recognized as a key aspect of Corporate Governance Principles and Code of Conduct which aims to improvise the governance practices across the business activities.
Risk Management at SNGPL is not limited to compliance of Corporate Governance Principles; it is regarded as an integral part of sound management practices and is seamlessly integrated into the company’s organizational culture, policies, procedures and business plans.
At SNGPL, risk management is considered a collective responsibility at all levels of management and is not to be seen or practiced as a separate activity.
The main objectives of the Risk Management Department are to assist the Risk Management Committee of the Board of Directors and the Management to:
The Risk Management Framework focuses on policies, procedures, and practices that support SNGPL in decision making and achieving business objectives while considering all the relevant risks. To that end, Risk Management Department uses the operating structure of SNGPL to develop a best practice that helps in: