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Uzbekistan Airways Hosts Seminar on Risk Management and Internal Control
On June 3, 2026, a seminar entitled “Risk Management and Internal Control in the Business Processes of Uzbekistan Airways JSC” was held at the Directorate headquarters of Uzbekistan Airways JSC. The event was aimed at further enhancing the Company's corporate risk management and internal control systems.
The seminar brought together managers and specialists from various structural divisions of the airline, as well as experts from Ernst & Young.
During the seminar, participants were introduced to modern approaches to establishing and developing an effective internal control system based on the internationally recognized COSO framework. Key components of the internal control system were discussed, including the control environment, risk identification and assessment processes, control activities, information and communication, and the monitoring of control effectiveness.
Particular attention was paid to integrating risk management and internal control processes into the day-to-day operations of Uzbekistan Airways, as well as to their role in achieving the Company's strategic, operational, financial, and compliance objectives.
The seminar also focused on the “Three Lines of Defense” model, which defines the roles and responsibilities of business process owners, risk management and internal control functions, the Internal Anti-Corruption Control Service, the Compliance Control Service, and the Internal Audit Service.
Participants discussed approaches to designing and documenting control procedures, including defining control objectives, assigning control owners, establishing implementation frequency, identifying information sources, and maintaining supporting documentation.
The practical part of the seminar focused on procurement activities as one of the airline's most risk-sensitive business processes. Participants identified key risks at various stages of the procurement cycle and reviewed control measures aimed at preventing inflated procurement costs, the selection of unreliable suppliers, violations of approval procedures, and inefficient use of corporate resources.
In addition, participants were introduced to internal regulatory and methodological documents developed as part of the enhancement of the Company's risk management and internal control framework. These included the Risk Management Policy, the Risk Management and Internal Control Interaction Policy, the Risk Identification and Assessment Methodology, the Internal Control Methodology, as well as templates for risk registers, risk and control matrices, deficiency logs, and corrective action plans.
During the discussions, participants also explored approaches to documenting business processes using flowcharts, process descriptions, and risk and control matrices. They reviewed the internal control assessment cycle, which includes risk identification, process documentation, control testing, remediation of identified deficiencies, and ongoing monitoring of corrective actions.
At the conclusion of the seminar, participants emphasized the importance of further strengthening the risk management and internal control system as a key element of corporate governance that enhances transparency, improves business process efficiency, enables timely risk identification and mitigation, and supports the achievement of strategic objectives and the sustainable development of Uzbekistan Airways JSC.