A socially oriented non-financial development institution and a major organizer of international conventions; exhibitions; and sporting, public, and cultural events.

The Roscongress Foundation – a socially oriented non-financial development institution and a major organizer of international conventions; exhibitions; and sporting, public, and cultural events.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, and helps foster social entrepreneurship and charitable initiatives.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 5000 people working in Russia and abroad. In addition, it works in close cooperation with 126 economic partners; industrialists’ and entrepreneurs’ unions; and financial, trade, and business associations from 69 countries worldwide Russia also cooperates with 92 Russian public organizations and 54 regional governments.

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Research
12.04.2019

Maturity Level of Risk Management in Russia

The study by Deloitte CIS Research Centre is based on a survey of representatives of 50 Russian and foreign companies and provides a comprehensive assessment of current maturity levels of risk management in companies operating in Russia. The obtained data highlight strengths and weaknesses of existing approaches to risk management and show possible development paths for the risk management culture.

The current approaches to risk management can be roughly divided into two types: 1) the risk management function is a separate department; 2) the risk management function is incorporated into another department of the company. The majority of the respondents state that the department responsible for introducing and developing risk management elements in their company reports directly to the CEO; often, the CEO is also the initiator of this process.

The maturity level of risk management in Russia is mostly estimated as average or low. In the majority of cases, the results of risk analysis for risks related to performance targets and budgeting are taken into account when setting new targets and objectives. However, such analysis is not a decisive factor in revising strategies and budgets. Often, the results of risk assessment are documented selectively or not at all.

The experts conclude that on the whole risk management in Russia isn’t integrated into decision-making processes in a systematic way.

The main constraint on the culture of risk management is a lack of interest in risk analysis and, consequently, low motivation for developing the risk management function. Besides, the experts observe a shortage of qualified personnel with enough skills to carry out a high-quality risk assessment.

To overcome these obstacles, companies need to foster the risk management culture and integrate risk management elements into key production and decision-making processes.
Source
Release date
29.11.2018