Yinson Annual Report 2018

From the review process, the Group streamlined its ERM Framework and risk identification process to manage its risk management more effectively in line with the ISO 31000 Risk Management guidelines. The main processes of the ERM Framework involve: • the identification of each business risk; • the assessment or evaluation of the identified risk; • ensure that the relevant risk responses are formulated to the key risks identified and managed in line with the needs of the Group’s policies and strategies; and • constant monitoring and communicating of key risks associated with any activity, function or process in a way that enables the Group to minimise losses and optimise opportunities. In January 2018, the Board approved the segregation of the risk management function from the Audit and Risk Management Committee to a Board Risk Management Committee (“BRMC”). The BRMC, which comprises of a majority of Independent Directors, plays a more focused role in the direction and oversight of the Group’s risk management framework and policies. This monitoring and oversight role was previously the function of the Audit and Risk Management Committee. The following diagram illustrates the relationship and reporting functions of the respective Committees and departments with regards to the Group’s risk management and internal control. BOARD OF DIRECTORS Lim Han Weng Bah Kim Lian Lim Chern Yuan Lim Han Joeh Dato Mohamad Nasir bin Ab Latif Dato’ Wee Hoe Soon @ Gooi Hoe Soon Datuk Syed Zaid bin Syed Jaffar Albar Datuk Raja Zaharaton binti Raja Zainal Abidin BOARD RISK MANAGEMENT COMMITTEE Dato Mohamad Nasir bin Ab Latif (Chairman) Lim Chern Yuan Dato’ Wee Hoe Soon @ Gooi Hoe Soon Datuk Syed Zaid bin Syed Jaffar Albar Datuk Raja Zaharaton binti Raja Zainal Abidin MANAGEMENT COMMITTEE Lim Chern Yuan Daniel Bong Eirik Barclay Andrew Choy Flemming Grønnegaard Lim Chern Wooi INTERNAL AUDIT Headed by Liew Ching Hin BUSINESS UNITS COMPANY SECRETARY BUSINESS UNITS GROUP SUPPORT FUNCTIONS BUSINESS UNITS RISK MANAGEMENT & COMPLIANCE DEPARTMENT Headed by Alex Gwee AUDIT COMMITTEE Dato’ Wee Hoe Soon @ Gooi Hoe Soon (Chairman) Datuk Syed Zaid bin Syed Jaffar Albar Datuk Raja Zaharaton binti Raja Zainal Abidin Corporate Overview Stewardship Governance Accountability 77 Yinson Holdings Berhad Annual Report 2018