Risk Management Policy | Latvijas dzelzceļš

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Risk Management Policy

The Risk Management Policy of Latvijas Dzelzceļš Group (approved by the Board of SJSC Latvijas Dzelzceļš on 22 November 2019 and by the Council of SJSC Latvijas Dzelzceļš on 2 December 2019) entered into force on 2 December 2019. The Policy sets out the main principles and division of responsibilities in risk management at all companies of the Group.

The main principles set out in the Risk Management Policy:

  1. The activities of the companies of the Group inevitably involve risks.
  2. Systemic risk management contributes to achievement of the objectives of the companies of the Group, reduces the probability and/or impact of risks or ensures that the probability and/or impact of these risks does not increase.
  3. Effective risk management allows for timely anticipation and prevention of potential damage to the reputation, financial position and operations of the Group or individual companies of the Group, as well as ensures compliance with legal requirements and good governance practices.

Risk classification

In order to ensure effective risk management, the Group’s risks are divided into risk categories, which combine similar or related risks in terms of their potential consequences.

The Group divides risks into the following risk areas:

  • Security risks, including traffic safety risks, physical infrastructure security risks, IT security and other risks
  • Operational risks, including infrastructure maintenance and operation risks, production process risks, rolling stock operation risks, service provision and other risks
  • Financial risks, including tax risks, ensuring the company’s financial stability, budget planning and control risks, creditworthiness risks, contractual and other risks
  • Juridical risks, including legal risks, compliance risks, procurement risks, corruption and conflict of interest risks, personal data protection and other risks
  • Strategic risks, including strategic planning risks, investment project implementation risks, reputation risks, planning and pursuing development in new areas and other risks

 

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