Support to enhance risk management practices

The Azerbaijan Railways Closed Joint Stock Company (ADY) needed technical assistance (TA) to establish its corporative risk management within the framework of institutional reforms. In this regard, ADY used the services of Prima in order to prepare respective documents that include set of policies, procedures, strategy plan, action plan, and organize trainings and seminars for particular staff and management.

The main objective of the assignment was to enhance maturity level of operational risk management within The Azerbaijan Railways Closed Joint Stock Company.

• Run the company-wise fit-gap analysis on risk management practice (both financial and operational) in ADY;
• Adopt and operationalize an enterprise-wide approach to the management of risks, and define scope of risk management in compliance with best practices in comparable railway organizations;
• Develop inception reports on (a) financial risk and (b) operational risk aspects of ADY, including preliminary recommendations and time-bound action plan on establishing the risk management system in ADY;
• Develop a Risk Management Strategy of ADY and ensure the risk appetite and tolerances alignment with other strategic objectives of ADY;;
• Establish and operationalize risk related frameworks for ADY;
• Develop and implement risk related policies, procedures and necessary internal regulatory documents for ADY;
• Develop relevant risk management tools and mechanisms to assess and measure risks, alerting the ADY on potential and existing risks.