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Company News

18 October 2005

Aeroflot manages the risks

October 18, 2005, Moscow - Aeroflot has won in the competition "The best model of the risk-management system among industrial enterprises" and was awarded a "PricewaterhouseCoopers choice in the risk management field" certificate.

The competition was held in Moscow within the framework of the international forum "Risk management in Russia", organized by the "Expert RA" rating agency and magazine "Expert" with the support of the Russian Risk Management Society RusRisk.

Aeroflot established risk management and insurance department in 2000. This decision was induced by the growing risks both on the international and domestic air carriage markets. As a result Aeroflot has developed an effective strategy for the risk management procedures' implementation in the key business processes.

Aeroflot's victory in the competition is a result of the successful employment of this strategy: clear targets for the risk management department, determination of the airline's risk management strategies and methodology of work; mapping risks and ranging of the detected risks, determination of the strategy to manage the detected risks and selection of the priority directions for further work.

Such kind of competition was held in Russia for the first time. The leading international and Russian consulting companies acknowledged Aeroflot's efforts in the sphere of the corporate management.