KEY INTERNAL CONTROL PROCESSES (Cont’d) 7. Corporate Governance (Cont’d) e. Insurance Adequate insurance coverage for major assets, building, and machinery in all operating divisions and subsidiaries are in place to ensure the Group’s assets are sufficiently covered against any calamity that will result in material losses to the Group. f. Compliance Framework The Group had established a Compliance Framework that sets out the approach for the Group in managing the mandatory compliance requirements and mitigating compliance risk. The framework mandates the Group Legal and Compliance Department to drive compliance across the Group. g. Legal The Group Legal and Compliance Department also provides legal advisory and assists in the preparation and review of any legal documentation. 8. Occupational Safety and Health (“OSH”) The Group had established an Occupational Safety and Health Committee on 1 August 2022 and implemented a Group Occupational Health, Safety and Environment Policy on 22 August 2022 to ensure compliance to the Occupational Safety and Health Act 1994, and to provide a healthy and safe workplace for the employees and reduce the risk of COVID-19 contamination. The OSH Policy is available on the official website https://www.ghl.com/. BOARD ASSESSMENT The Board is of the view that the Group’s overall risk management and internal control system is adequate and effective in all material aspects. Both the Group CEO and Group CFO have given the same assurance to the Board. The Board however recognises that risk management is an evolving process in a changing business environment and is committed to continuously monitor the adequacy and effectiveness and, where appropriate, enhance the Groups’ risk management framework and internal control system. REVIEW OF THE STATEMENT BY EXTERNAL AUDITORS The external auditors have reviewed this Statement on Risk Management and Internal Control as required under Paragraph 15.23 of Bursa Malaysia Securities Berhad’s Main Market Listing Requirements. The limited assurance review was performed in accordance with the Malaysian Approved Standard on Assurance Engagements, ISAE 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information and Audit and Assurance Practice Guide 3 (“AAPG 3”) Guidance for Auditors on Engagements to Report on the Statement on Risk Management and Internal Control Included in the Annual Report. AAPG 3 does not require the external auditors to form an opinion on the adequacy and effectiveness of the risk management and internal control systems of the Group. Based on their procedures performed, the external auditors have reported to the Board that nothing has come to their attention which causes them to believe that this Statement is not prepared, in all material respects, in accordance with the disclosures required by paragraph 41 and 42 of the Statement on Risk Management and Internal Control: Guidelines for Directors of Listed Issuers, nor is factually inaccurate. This statement is approved by the Board of Directors on 27 March 2024. STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL CONT’D 67 ANNUAL REPORT 2023
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