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Egyptian Transport and Commercial Services Co., S.A.E
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Reasons for Establishing EGYTRANS Risk Management Department
The focus on establishing a risk management department began as an initiative in the first half of 2007 within the framework of the continuous improvement that has become necessary given the rapid changes in internal and external factors especially with the application of corporate governance practices. Risk management acts to support the effective implementation of corporate governance as one of the tools for professional management and control.
Accordingly, Egytrans Chairman approved the decision to establish a risk management department to develop new managerial techniques to face threats and to grab opportunities as well as to maintain available ones, activating best practices in the company’s activities to increase related parties’ confidence in our abilities by maintaining the balance between risks and opportunities.
Role and Goals of Risk Management
Preparing Risk Management strategy and policy and cooperating on the operational and strategic level regarding risk management.
Establishing educational awareness for risks inside the company including relevant training.
Preparing company’s risk map with the participation of all company’s employees from different departments to ensure studying and analyzing all risks as well as reaching effective plans to avoid, lessen or prevent all types of risks and issuing follow up and communication procedures to clarify change in all types of risks.
Presenting risk map to company’s board of directors to discuss priorities as well as financial needs and suggested recommendations.
Providing information regarding current as well as future risks and facilitating their availability so that this information will help managers and employees to take suitable decisions at the suitable time.
Using effective methods to manage risks to be able to identify, assess, manage as well as audit risks in order to establish best practices to protect stakeholders’ interests through following these procedures to reflect the credibility in risk management procedures and data.
Developing risk combating operations that include emergency programs as well as activities’ sustainability.
Periodic follow up on the implementation of the plans related to combating risks.
Risk Management Scope of Work
The scope of work covers all company’s departments including activities and operations.
Download Risk Management Policy (PDF)
This page was last updated on 09/06/2016
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