Risk management is an essential component of the management process and an integral part of a developed corporate governance system. The main element of the risk management process of JSC NC Kazakh Tourism is its focus on the specifics of the company's activities, the basic principles of its activities, business processes, and the involvement of each employee in the risk management process.
The goal of the risk management process is to achieve a balance between maximizing opportunities and preventing losses.
The risk management system in JSC «NC «Kazakh Tourism» focuses on identifying, assessing, and monitoring all risks of the Company, as well as taking measures to reduce the level of detected perils.
The structure of the risk management system in JSC «NC «Kazakh Tourism» is presented at several levels with the participation of the Board of Directors, Committees under the Board of Directors, the Management Board, the risk manager, the Internal Audit Service, and other structural units.
The Board of Directors oversees the corporate risk management system in JSC «NC «Kazakh Tourism».
The main functions of the Board of Directors are to determine the priority areas of the company's activities, approve the general documents regulating risk management in JSC «NC «Kazakh Tourism», and review reports on the effectiveness of the risk management system.
The Management Board is responsible for the organization of an effective risk management system and the implementation of corporate policies, as well as for designing a risk culture that reflects the risk management policy of JSC «NC «Kazakh Tourism».
Coordination of the risk management system in JSC «NC «Kazakh Tourism» entrusts to the risk manager.
The Internal Audit Service performs auditing risk management procedures and risk assessment methodology, as well as develops proposals to improve the effectiveness of risk management procedures.