Changes in the business environment are increasing rapidly, along with increasing competition levels, resulting in a variety of business risks that could affect the company’s performance. In this VUCA (Volatility, Uncertainty, Complex & Ambiguous) world, Qatar Steel recognizes that the effective management of business risks and opportunities is crucial to our continued growth and success. Apart from that, there are several critical Drives for having a Risk management framework:
Greater transparency (Corporate Governance)
Security and technology issues
Globalization in a continuously competitive environment.
Qatar Steel also has an integrated Enterprise Risk Management (ERM) framework, which is in place to manage business risks, as well as to provide solutions for risk mitigation.
Qatar Steel’s Business Continuity Management System (BCMS) has provided the required security of business continuity in the event of occurrence of any of the business continuity risk scenarios. Regular reviews and updates to the business continuity risk scenarios are performed at departmental and company-wide levels.