Yinson Annual Report 2020

171 Annual Report 2020 BOARD OF DIRECTORS • Determine risk management policy • Approve risk management framework • Oversee overall risk management • Communicate with shareholders and other stakeholders • Review risk profile of the Group BOARD RISK MANAGEMENT COMMITTEE (“BRMC”) MANAGEMENT COMMITTEE (“MC”) • Authorised by Board to make day-to-day risk management decisions • Lead and manage business of the Group on an overall basis BUSINESS UNITS AND GROUP SUPPORT FUNCTIONS RISK DEPARTMENT • Coordinate and implement Group’s ERM Policy and Framework • Monitor and report key risk issues to MC and BRMC AUDIT COMMITTEE (“AC”) GROUP CHIEF STRATEGY OFFICER INTERNAL AUDIT FUNCTION co-sourced with EXTERNAL SERVICE PROVIDER, ERNST & YOUNG (“EY”) • Report on the adequacy and effectiveness of the Group’s system of risk management and internal controls • Follows up on status of Management action plans Review adequacy, integrity and implementation of appropriate systems for risk management Execute systems for risk management and Management action plans RISK MANAGEMENT AND INTERNAL CONTROL STRUCTURE