Management of human rights risks

CHRB B.2.3, UNGPs RF C4.1, 4.2

Integrated into all of Nornickel’s business processes, its unified Corporate Risk Management Framework enables risk‑oriented decision‑making at various levels to achieve strategic and operational goals.

The Risk Management Service plays a crucial role in providing efficient guidance on integrating risk management into business processes, while risk owners are responsible for risk management.

The Risk Management Framework includes the Board of Directors, the Audit Committee of the Board of Directors, the Management Board and the Risk Management Committee of the Management Board. It offers a conceptual, regulatory and methodological framework, organisational tools and information infrastructure to manage Nornickel’s risks through an automated GRC (Governance, Risk and Compliance) system.

The Risk Management Framework also includes the Internal Audit Department, which annually assesses efficiency of risk management, and an internal control function, which provides guidance and participates in risk assessment of business processes.

The Company employs a consistent and holistic risk management approach which enables risk owners to identify, analyse, assess and rank risks in business units, develop and implement risk response plans, deliver on action plans to mitigate risks to an acceptable level (including mitigation in line with the Company’s risk appetite metrics), prepare risk reports, and monitor changes.

For more details on initiatives aimed at risk mitigation and positive impact enhancement, please see the Nornickel’s Human Rights Achievements in 2023 section.