Datasonic Group Berhad Annual Report 2020

DATASONIC GROUP BERHAD I ANNUAL REPORT 2020 (Registration No. 200801008472 (809759-X)) 66 PRINCIPLE B - EFFECTIVE AUDIT AND RISK MANAGEMENT (CONT’D) II. RISK MANAGEMENT AND INTERNAL CONTROL FRAMEWORK Risk Management and Internal Controls The Board is responsible for ensuring that risks and opportunities are identified on a timely basis to continuously safeguard the shareholders’ investment and the Group’s assets. The Board is assisted by the Risk Management Committee to perform continuous review and monitor on the adequacy and effectiveness of risk mitigation plans and internal control measures pertaining to the key risks. The Board uphold their ongoing commitment to an effective implementation of Enterprise Risk Management Framework of the Group, with the aim of providing a consistent approach for risk management processes and facilitating a reasonably accurate perception of acceptable risks by all applicable employees. The RMC was established to assist the Board in overseeing risk management framework and policies in order to manage the overall risk exposure of the Group. The Statement on Risk Management and Internal Control made pursuant to Paragraph 15.26(b) of the MMLR of Bursa Malaysia is separately set out in this Annual Report. The Terms of Reference of the RMC is published on the Company’s website at www.datasonic.com.my . Internal Audit function The Internal Audit function is led by the Chief Internal Auditor who reports functionally to the AC and administratively to the Managing Director. Details of the Group’s key elements of the internal control systems are set out separately in the Statement on Risk Management and Internal Control in this Annual Report. PRINCIPLE C - INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP WITH STAKEHOLDERS I. COMMUNICATION WITH STAKEHOLDERS/SHAREHOLDERS Communication with Stakeholders/Shareholders The Board recognises the importance of ongoing communication with shareholders and stakeholders of the Company which will build mutual trust and better understanding. The Company is committed to provide its shareholders, stakeholders and investors with transparent, accurate and quality disclosure on timely and even basis of the Company’s operations, financial conditions and future prospects in conformitywith applicable legal and regulatory requirements. The Corporate Disclosure Policy and Procedures and the Shareholders Communication Policy established by the Board are published on the Company’s website at www.datasonic.com.my . Information is communicated to the Shareholders mainly through the Company’s annual reports, quarterly financial reports, AGM and other extraordinary general meetings that may be convened, as well as by way of disclosures made to Bursa Malaysia and other corporate publications on the Company’s website. The Company had amended its Constitution to permit the use of electronic means to issue documents required to be sent to the shareholders. The Company encourages shareholders to participate in shareholders’ meetings or to appoint proxies to attend and vote at such meetings for and on their behalf if they are unable to attend. Corporate Governance Overview Statement (Cont’d)