Changes in the business environment are increasing rapidly, along with an increasing level of competition, 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, including:
Security and technology issues
Globalization in a continuously competitive environment
Qatar Steel has an integrated Enterprise Risk Management (ERM) framework, which is in place to manage business risks.
To further enhance business resiliency, 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 its management. QS BCMS allows the company to quickly respond to any unplanned incident, and thus, minimize its potential negative impacts on the company. Furthermore, as part of this program, necessary trainings and awareness initiatives are being conducted.