Development of the Corporate Risk Management System for Eurochem-1 Company

Nowadays the uncertainty in the economy encouraged financial regulators to implement innovative techniques and tools in risk management practices. One of such methods is the enterprise risk management system (or ERM), which can be seen as a natural development of the risk management process. ERM is designed to raise awareness about the risk sources and methods of its elimination by improving the strategic and operational decision making process. The analysis of risk management standards and risk maturity models was done in this research. The main aim of this paper is the development of the project, which will contain recommendations for the implementation of enterprise risk management system into JSC "TH "EuroChem-1". In the research part of this paper a survey of company senior management and interview with CEO were conducted. Author suggested some recommendations for implementation process of enterprise risk management and presented the project on ERM implementation. Introduction of enterprise risk management will allow the company to reduce risk costs to eliminate the consequences or risk events and to increase company`s value.