CORRUPTION RISK MANAGEMENT (CRM) As reported in the preceding annual report, the Group has completed its maiden CRM exercise in FY2020 in which the Group has zero critical risks identified and, overall, the residual corruption risks were rated as satisfactory without any major concerns. Since the completion of CRM, the Group has formalised the CRM framework into a holistic policy known as the Group Corruption Risk Management Policy (GCRMP) in FY2021. In brief, the GCRMP provides the principles and methodology for carrying out the corruption risk assessment for the Group and sets out the CRM review requirement. The policy reflects the Group’s commitment to upholding the highest standards of integrity and ethics, in keeping with the Group’s zero-tolerance stance to all types of bribery and corruption, as well as a commitment to conducting business with integrity, honesty, and respect. CRM Review The Group, through the Governance & Integrity Unit (GIU) of the Integrity & Governance Department (IGD), Group Compliance Division, has begun a CRM Review to meet the need for Adequate Procedures1 - Principle IV: Systematic Review, Monitoring, and Enforcement. In this respect, the BAEC has, in FY2021 approved a three-year CRM Review plan that outlines the selection and priority review criteria for better deployment of resources. Under the CRM Review Plan, high-risk stakeholders are reviewed within one (1) year, whilst medium and low-risk stakeholders will be reviewed within two (2) and three (3) years, respectively. 1 Adequate Procedures refers to the statutory defence against corporate liability prosecution as accorded under Section 17A (4) of the MACC Act 2009. Key Objectives of CRM Review To validate the current controls and their effectiveness as identified by each stakeholder To assess for gaps in the control In FY2021, GIU completed ten (10) reviews Its findings were reported to the BAEC There were no 'poor' ratings assigned by the review Most of the current controls were attested to give reasonable assurance in mitigating the identified corruption risk INTEGRATED ANNUAL REPORT 202 1 Key Messages Overview Value Creation MD&A Sustainability Leadership Accountability Financial Additional Information 205
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