Within Societatea Energetică Electrica S.A., the risk management system was implemented according to the provisions of the Order of the Ministry of Public Finances No. 946/2005 for approval of the Code of internal control, as further amended and supplemented. Currently it is making the transition to a system of risk management based on the provisions of the standard SR ISO 31 000:2010 “Risk Management. Principles and guidelines”. A major concern of the top management is the importance of the risk management role for the Company and the need of direct involvement of all decision-makers in the risk management process development.
The Electrica S.A. Risk Management System is represented by a set of rules, a risk management policy, the internal procedures and the organizational entities intended to enable the assessment, management, monitoring and revision of the main risks within the Company.
This system has a core role within the Company, contributing to adopting decisions in accordance with the risk appetite, as well as to a correct understanding of the corporate values, strategic goals and related risks faced by the Company.
Risk Management System implementation within the Company helps ensuring the assets protection, the financial reporting reliability, the activity and process effectiveness and efficiency, fully complying with the laws, regulations, Articles of Incorporation, internal policies and procedures.
Given the current international and national political and economic context, Electrica SA aims to permanently develop this system by adopting the international and national standards and also the best practices in the field.