Yinson Annual Report 2021

171 ANNUAL REPORT 2021 STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL Main processes of ERM Framework: t *EFOUJmDBUJPO PG FBDI CVTJOFTT SJTL t "TTFTTNFOU PG JEFOUJmFE SJTL t 4UFQT UP FOTVSF UIF SFMFWBOU SJTL SFTQPOTFT BSF GPSNVMBUFE UP UIF LFZ SJTLT JEFOUJmFE BOE NBOBHFE JO MJOF XJUI (SPVQ policies and strategies. t $POTUBOU NPOJUPSJOH BOE DPNNVOJDBUJOH PG LFZ SJTLT BTTPDJBUFE XJUI BOZ BDUJWJUZ GVODUJPO PS QSPDFTT JO B XBZ UIBU FOBCMFT the Group to minimise losses and optimise opportunities. RISK MANAGEMENT AND INTERNAL CONTROL STRUCTURE MANAGEMENT COMMITTEE (“MC”) h Authorised by Board to make day-to-day risk management decisions. h Lead and manage business of the Group on an overall basis. GOVERNANCE, RISK MANAGEMENT AND COMPLIANCE DEPARTMENT (“GRC”) h Coordinate and implement Group’s ERM Policy and Framework. h Monitor and report key risk issues to MC and BRMC. GROUP CHIEF STRATEGY OFFICER BUSINESS UNITS AND GROUP SUPPORT FUNCTIONS BOARD OF DIRECTORS h Determine risk management policy h Approve risk management framework h Oversee overall risk management h Communicate with shareholders and other stakeholders h Review risk profile of the Group BOARD RISK MANAGEMENT COMMITTEE (“BRMC”) AUDIT COMMITTEE (“AC”) INTERNAL AUDIT FUNCTION ("IA FUNCTION")* co-sourced with EXTERNAL SERVICE PROVIDER ERNST & YOUNG (“EY”) h Report on the adequacy and effectiveness of the Group’s system of risk management and internal controls. h Follow up on status of Management action plans. * Head of Internal Audit has resigned with effect from 1 January 2021 and the management will continue the outsourcing of IA function with EY. Review adequacy, integrity and implementation of appropriate systems for risk management Execute systems for risk management and Management action plans