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 is crucial to our continued growth and success. Apart from that, there are several critical drivers 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.
To further enhance business resilience, Qatar Steel established a comprehensive Business Continuity Management System (BCMS) in 2017. QS BCMS provides a clear framework as to how to identify potential business continuity risks and their management. QS BCMS allows the company to quickly respond to any unplanned incident, and thus, minimize its potential negative impacts on the company and the surrounding community. Furthermore, as part of this program, necessary training and awareness initiatives are being conducted.