Qatar Steel’s Integrated Enterprise Risk Management framework plays a key role in value creation through supporting the achievement of the company’s objectives at strategic, tactical and operational levels. The key enabler is the priority and support risk management is given at all key levels of governance across Qatar Steel namely, The Board, The Board Audit Committee, The Qatar Steel Risk Management Committee, and at the company’s functional levels. Qatar Steel employs a risk-based decision making culture, through integration of risk assessments with all key decisions that mitigate business and strategic risks. During 2021 Qatar Steel implemented the Fraud Risk Management Policy to further strengthen fraud risk governance across the company. The risk responses to the current COVID-19 pandemic, and the risks associated with Qatar Steel’s value chain, including but not limited to the supply chain processes and cyber security, have resulted in Qatar Steel’s resilience and continuous improvements to achieve the respective business objectives.
The Enterprise Risk Management Framework is managed through the Qatar Steel Risk Management Policy, Qatar Steel Fraud Risk Management Policy, and the Qatar Steel Business Continuity Management Policy. Oversight of these policies has been delegated by the Board of Directors to the Board Audit Committee to ensure mitigation or management of risks that are above the Qatar Steel Board Approved Risk Appetite and tolerance levels. Qatar Steel’s risk methodology is based on the COSO Framework, and ISO31000:2009. The objective of sound risk management is among others its ability to support continuous improvement, a key value driver of a business and the maintenance and sustainability of the business in the short to long-term.
On-going scanning of the company’s operating environment in both the domestic and international markets, has enabled Qatar Steel to continue its operations from both a business continuity and profitability perspective. Risks and Opportunities are constantly identified and assessed for further action. Qatar Steel has continued to demonstrate operational resilience throughout the second COVID-19 wave that affected Qatar during FY2021.Despite the second COVID-19 wave, Qatar Steel was able to continue operating aided by the company’s business continuity plans and crisis management process.