Managing risks

Metafrax Group is improving its risk management system.

As part of a project dedicated to this significant area of work, Metafrax Chemicals Board of Directors approved the Regulations on the Organization and Implementation of Internal Audit. An order was also issued to incorporate risk management and internal control system requirements into divisional regulations, job descriptions and work guidelines. An internal audit department and a risk management and internal control service were established.

Numerous training events were held for the Board of Directors, the Audit Committee and risk coordinators. Risk assessments were carried out and measures were taken to mitigate risks.

The Metafrax Chemicals Audit Committee chaired by Armen Garslyan, Chairman of the Board of Directors, held 6 meetings in 2021. The meetings considered significant risks for the company and the results of audits, as well as the adoption of the necessary regulatory framework, the effectiveness of IT controls and the improvement of anti-corruption activities.

Work on improving the risk management and internal control system in Metafrax Group companies will continue. In particular, it is planned to update documents on IT security, risk management and internal control, and to revise internal audit procedures based on international professional standards.