Risk management Key instruments

Key instruments

In 2009, Grupa LOTOS defined ranges used to quantify risks, rules for responding to risks, and assumptions for risk monitoring and reporting. The risk was re-assessed and the risk map was updated to cover 2010 and the business strategy till 2012. Out of the identified risks that are significant for the LOTOS Group, the Company selected four, each relative to various activity areas, and analysed them in detail. Those risks were described in Risk Management Sheets, including, but not limited to, risk factors, risk management rules, monitoring measures, reduction plans, plans of procedure in case of risk materialisation, as well as related incidents.

At present, the Company is preparing Risk Management Sheets for other significant risks existing in the Capital Group. Moderate risks are monitored on a current basis. In the case of risks that are the most likely to occur, procedure plans in case of risk materialisation are developed on the basis of the risk owner’s decision.

In 2009, Grupa LOTOS regulated project risk assessment rules by ensuring a consistent and unified methodology. At present, one of the major elements of project analysis, before the project is launched, is the identification and evaluation of related threats in order to recommend actions aimed at reducing significant and moderate risks and identifying risk owners responsible for the fulfilment of duties, project risk monitoring and potential consequences.

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