STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL RISK MANAGEMENT (CONT’D) Internal Audit Responsibilities • Provide independent assurance design and effectiveness on an organisation’s risk management, governance and internal control processes are operating effectively. • Assurance about design and effectiveness. Process Perform risk-based internal audit and independent reporting to Management and BARC. ERMC/ Compliance & Risk Management Department Responsibilities • Oversees the operationalisation of risk management strategies as well as frameworks and policies. • Independent reporting to the management and BARC. • Advisor to Business Line Management/ Risk Owners. Process Identification and assessment of risk, implementation, and monitoring of risk action plans. Business Line Management/ Risk Owners Responsibilities • The Senior Management are primarily responsible for managing process. • They are also responsible for controlling risks by using business control and compliance frameworks, implementing internal control processes and adequate control. • Manage day-to-day risk inherent in business activities as guided by the established risk strategies, frameworks, and policies. Process Identification and assessment of risk, implementation, and monitoring of risk action plans. The periodic reporting to both the Board and BARC on the risk management activities undertaken by the ERMC, to keep the Board and the BARC apprised and advised of all aspects of the enterprise risk management, and significant risks and risk trends. ENTERPRISE RISK MANAGEMENT (ERM) FRAMEWORK In order to achieve a sound system of risk management and internal control, the board and management ensure that the risk management and control framework is embedded into the culture, processes, and structures of the company. The framework was designed to be responsive to changes in the business environment and clearly communicated to all levels. 119 1. Corporate Overview 3. Strategic Performance 5. Governance Structure 2. The Driving Forces 4. Sustainability Statement 6. Financial Reports
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