Qatar Steel’s management system has achieved two ISO certifications: ISO 14001 for its Environmental Management System (EMS) in 1999 and ISO 9000 for its Quality Management System (QMS) in 1995. The continued excellence of the company’s management systems is reflected in Qatar Steel’s certifications, and retention of this level of reliability is reflected in the company’s Quality Management System.
Qatar Steel’s vision of Risk Management holds that all significant obstacles to the achievement of its strategic objectives must be identified, assessed, and managed within acceptable levels. In order to achieve this vision, Qatar Steel is determined to create and maintain an environment in which risk monitoring is embedded in the company’s culture, planning, decision-making, and business-as-usual activities.
In 2015, Qatar Steel will categorise risks by their impact types and nature. This will address many of the company’s material sustainability areas. In addition, a risk register will be configured for use in an online system implemented across all departments. This process will heavily support the management of our sustainability risks and priorities, and will influence the development of Qatar Steel’s Sustainability Roadmap.
As an integral part of sound corporate governance, Qatar Steel in 2014 engaged external consultants to implement an effective Enterprise Risk Management (ERM) framework. ERM at Qatar Steel encompasses practices relating to Identification, Assessment,Monitoring, and Mitigation of various risks impacting business objectives.
In its journey towards effective ERM, Qatar Steel in 2015 has appointed a Chief Risk officer and formed a Risk Management Committee (RMC) at the Management Level. The RMC will function as an executive committee to drive risk analysis functions, with the Managing Director and General Manager serving as chairman.
Internal Audit continues to play a prominent role in Qatar Steel’s governance and management systems. Its vigilance provides assurance that:
satisfactory systems, policies, and procedures are in place and being followed to ensure that the company’s assets are safeguarded and the company objectives are being met,
financial systems and procedures are in place and being followed to provide timely and accurate financial information to the Directors, Management, and Stakeholders, for use in determining that the company’s financial objectives are being met, and policies and practices are in place to communicate and monitor the company’s compliance with appropriate laws and regulations.
The Board Audit Committee also continues to support the Board in its oversight responsibilities, particularly those relating to:
the integrity of the company’s financial statements and financial reporting process;
effectiveness of the company’s internal accounting and financial controls systems;
the internal audit process for monitoring compliance with laws and regulations; and