In an initiative to bolster the level of risk management, Russia's risk management association is starting at the Kremlin itself.

The Russian Risk Management Society last month sent a proposal to the administration of Russian President Dmitry Medvedev, offering its expertise to the state to help find ways to manage risks more effectively.

“Currently, the level of risk management at state-owned companies and state-owned bodies, from our understanding, is at a low level,” said RusRisk President Victor Vereshchagin. “The main goal of the letter is to offer the knowledge and experience which the risk management society has at the moment.”

The offer fits well with the goals of Andrey Elokhin, a RusRisk vp and head of the insurance department at oil producer OAO LUKOIL, who has championed improved risk management and industrial safety in Russia for the vast majority of his career.

When it comes to governmental authorities in charge of industrial risk and safety at Russia's state-owned companies, Mr. Elokhin sees a conflict.

An explosion last month at Russia's largest hydroelectric power plant operated by state-owned JSC RusHydro, which killed 75 people and caused property losses estimated at $1.3 billion, led Mr. Elokhin to question how the government can investigate an accident at a company under its control.

“RusRisk is an independent institution, while the state bodies and ministries which conduct control and oversight are all interlinked,” said Mr. Elokhin, who helped compose the letter to President Medvedev.

“I realize it is part of their obligation (to monitor risk management at state companies), but maybe it is worth involving more widely the independent institutions, which can also take part in advising on their risk management activities,” Mr. Elokhin said.

While the letter was prepared before the accident, Mr. Vereshchagin said the offer is more relevant than ever given recent events. He said the Medvedev administration may be receptive, because the president spoke of the importance of risk management in society in his address to Parliament earlier this year.

Asked if RusRisk has gotten a response yet, Mr. Vereshchagin replied, “We are waiting.”