Qatar Steel’s Integrated Enterprise Risk Management (ERM) framework is instrumental in driving value creation by facilitating the achievement of the company’s strategic, tactical, and operational objectives. This framework is supported by a culture that emphasises the importance of risk management at all levels of governance, including the Board, Board Audit Committee, Qatar Steel Risk Management Committee, and functional levels. Risk-based decisionmaking is ingrained in our culture, with risk assessments integrated into key decisions to mitigate business and strategic risks effectively. The ERM Framework is governed by the Qatar Steel Risk Management Policy, Qatar Steel Fraud Risk Management Policy, and Qatar Steel Business Continuity Management Policy. The Board Audit Committee has been entrusted with the oversight of these policies, ensuring that risks above the Qatar Steel Board Approved Risk Appetite and tolerance levels are properly mitigated or managed.Our risk management draws from established frameworks such as the COSO Framework and ISO31000:2009. Fraud risks, including corruption risks, hold significant priority within Qatar Steel, as demonstrated by the implementation of a Fraud Risk Management Policy in 2021. All business areas have identified key fraud risks, including corruption, aligning them with the Companywide Risk Management Policy and Code of Ethics. Company-wide awareness sessions have been conducted, ensuring comprehensive risk identification and assessment throughout the value chain. Emphasis has been placed on internal controls to safeguard assets and regulate behaviours pertaining to fraud and corruption risks.
A key risk faced in 2022 was related to the potential disruption of supply chain pipelines and activities due to the 2022 Qatar World Cup. This major event resulted in a significant influx of people in the country and the implementation of heightened security measures by the State of Qatar to ensure the smooth hosting of the games. However, through our proactive planning and organisation, we were able to effectively manage our supply chain activities, resulting in no disruptions to our operations. Over the next two years, we will gradually introduce the utilisation of risk stress testing and risk scenario analysis as essential inputs in our company’s strategy formulation and implementation. This exploration aims to assess the cost-benefit value associated with these risk management tools. By incorporating them into our decision-making processes, we can gain valuable insights into potential risks, evaluate their impacts, and make informed strategic choices.
Qatar Steel’s Impact: Risk Management
In 2022, we successfully organised an annual Team Building event, featuring a presentation by the President of the Institute of Risk Management in Qatar. During the event, updates on ERM and business continuity management were shared, utilising realworld case studies. This informative session provided valuable insights and perspectives to the company’s leadership, emphasising the significance of reinforcing our existing business resilience and fostering a strong enterprise risk management culture. By leveraging these learnings, we aim to enhance our ability to identify and mitigate risks effectively, ensuring the long-term success and sustainability of our organisation.
Qatar Steel’s Impact: Climate Risk
The company’s top 10 risks, which are actively monitored by the Risk Management Committee and the Board Audit Committee, include climate-related risks. To address them, the company prioritises the evaluation and implementation of key initiatives that promote climate-friendly processes and technologies. It is mandatory for all new projects and initiatives across the company to consider climate-friendly approaches. Furthermore, the company places a high priority on building synergies withThe company’s top 10 risks, which are actively monitored by the Risk Management Committee and the Board Audit Committee, include climate-related risks. To address them, the company prioritises the evaluation and implementation of key initiatives that promote climate-friendly processes and technologies. It is mandatory for all new projects and initiatives across the company to consider climate-friendly approaches. Furthermore, the company places a high priority on building synergies with