The Group is committed to the continuous development and maturity of ERMIC, in order to ensure the reasonable confidence in achievement of the Group goals and the maximum quality and reliability of risk management and internal control processes in the Company and its controlled entities. Areas for the system development are specified on the basis of the Group Strategy, strategic priorities of development, the Management demand with allowance for recommendations from the Audit Committee of the Board of Directors, the Audit Commission, results of external assessment (if any) and approved in the Work Schedule of the risk management and internal control unit. Based on results of actions, the Report on results is generated.
Within the framework of the ERMIC function development in controlled entities, the Group is focused on development of risk management and internal control competencies, transmits the consistent methodology and conducts integrated methodological support of controlled entity employees while performing ERMIC works. The Group executives ensure the spread of knowledge and skills in the field of risk management, promote teaching of risk management and internal control theory and practice, introduction of communication standards and development of corporate management culture with allowance for risks. Employees of subsidiaries undergo regular training with a view to improve their knowledge, skills and competencies in the field of risk management and internal control and to upgrade the ERMIC subjects at the level of controlled entities.
The Group promotes the development of risk management and internal control in Russia and abroad, PJSC Inter RAO is a member of the Russian Risk Management Society (RusRisk) and such international associations as FERMA, IFRIMA, RIMS, the Group employees take part in events organized by the professional community of risk managers and the business community regarding the development of risk management and internal control systems, serve as members of collegiate bodies (boards) attached to risk management regulatory authorities (Federal State Agency for Property Management) and take part in reviewing of initiatives aimed at improvement of legislation in the field of risk management and internal control (participation in development and updating of the Professional Standard for Risk Management Specialists). Leaders of risk management and internal control functions in PJSC Inter RAO are winners of specific competitions in the field of risk management, internal control and audit.