Datasonic Group Berhad Annual Report 2021

2021 ANNUAL REPORT 81 Additionally, the Standard Operating Procedures (“SOP”) governing risk management processes and reporting procedures are in place to support and outline the policies and procedures for the implementation of the ERM Framework. During the financial year ended 31 March 2021, the risk management activities carried out in Datasonic are as summarised below:- • A total of two (2) operational risk reviews were carried out by the risk management function and tabled to RMC in accordance with the Risk Review Planning Memorandum for the financial year ended 31 March 2021 (“RRPM FY21”) approved by RMC in May 2020. • Significant risks and mitigating measures implementedbytheManagement / riskownerswere evaluated and collated by the risk management function into the risk registers using the Likelihood and Consequence (“LCM”) method. The risk registers were subsequently tabled to the RMC for deliberation. • Other ad-hoc risk reviews and work assigned to the risk management function, including those initiated by the Executive Committee (“EXCO”), were tabled to the RMC for notation and information. Key Risks Relating to Our Business and Industry The key anticipated or known risks that the Group is exposed to and our mitigating strategies reported by the risk management function for the financial year ended 31 March 2021 are available in the Management Discussion & Analysis included in this Annual Report. RISK MANAGEMENT Risk Management Framework and Activities The Group’s risk management framework and methodology is guided by the ISO 31000 Risk Management - Principles and Guidelines represented in brief, as follows:- STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL Communication and consultation Establish context Risk treatment Risk assessment Risk identification Risk evaluation Risk analysis Monitoring and reviewing