ERM For High Performing Well Governed Organizations
To compete in a rapidly changing steel environment, to be an employer of choice, a steward of the environment, and the preferred supplier of quality steel solutions, we rely on Directors Global Risk Consulting to steer us in Enterprise Risk Management.
Rajat Marwah, Chief Financial Officer, Algoma Steel Inc.
Algoma has been a mainstay of the North American steel industry for more than 100 years. Today Algoma produces some of the cleanest, most consistent light gauge steel in North America, offering a wide range of hot and cold rolled steel sheet and plate products.
“As a fully integrated steel producer with a raw steel production capacity of approximately 2.8 million tons per year, our risks are diverse, complex, and ever-changing,” says Rajat Marwah, CFO of Algoma Steel. “In order to consistently serve the needs of our customers in the automotive, construction, energy, defense, and manufacturing sectors, we cannot lose a minute of production time. Enterprise Risk Management is critical for ensuring risks are identified and mitigated so that we can focus on delivering on our commitments to our stakeholders.”
Some HIGH PERFORMANCE ERM practices:
- Follow best practices, and adopt an accepted ERM standard such as ISO 31000 or COSO
- Formally identify, assess, and prioritize key enterprise risks
- Set clear roles for board & management in risk oversight
- Establish effective controls on key risks, and allocate resources