ANNUAL REPORT 2024 101 RISK MANAGEMENT (CONT'D) Risk Management Framework and Activities (Cont'd) Additionally, the Standard Operating Procedures (“SOP”) governing risk management processes and reporting procedures are in place to support and outline the policies and procedures for the implementation of the Enterprise Risk Management (“ERM”) Framework. The efforts to implement formal risk management reviews and reporting as outlined in the ERM Framework continued to improve on a progressive basis and on-going. Even though the formal risk management activities and reporting carried out in the Group are continuously being improved, the Executive Directors and the Management asserts that there have been on-going processes of risk management throughout the financial year and the key risks involved were in fact reviewed by the Executive Directors and the Management in the course of managing the business activities. Subsequently, significant risk management activities and progress including those initiated by the Executive Directors and the Management were reported to the Risk Management Committee for review and recommendation to the Board for approval. The anticipated or known key risks that the Group is exposed with related mitigating strategies as reported by the risk management for the financial year ended 31 March 2024 are presented in the Management Discussion & Analysis included in this Annual Report. KEY ELEMENTS OF THE INTERNAL CONTROL SYSTEMS OF THE GROUP The Group’s internal control systems during the financial year ended 31 March 2024 are embedded within the operating activities and up to the date of approval of this statement for inclusion in the Annual Report encompassed, inter alia, the following key elements:- 1. Board Committees The Board has delegated certain responsibilities to the Board Committees established in the Group, namely: - • The Audit Committee • The Nomination and Remuneration Committee, • The Risk Management Committee; and • The Employees' Share Option Scheme Committee. These Board Committees have oversight authorities to examine and/or consider all matters within their scope of responsibilities as defined in their respective formalised terms of references and to report to the Board with their recommendations appropriately. The terms of references of all the Board Committees are published on the Company’s website at www.datasonic.com.my 2. Regular Board and Board Committee Meetings Regular Board and Board Committee meetings were conducted to provide effective and sound governance practices. Decisions of the Board are only made after the required information is made available and deliberated upon by the respective Board Committee and recommended accordingly to the Board. The Board reviewed and approved the quarterly and full year financial results announced to Bursa Malaysia and shareholders, as applicable, based on the recommendations made by the AC. Additionally, the Board also approved and implemented the Group policies based on the recommendations made by the Board Committee to continuously improve on the effectiveness and efficiency of risk management and internal control system. The minutes of the Board Committee meetings which recorded pertinent deliberations and decisions were subsequently presented to the Board for approval. AND INTERNAL CONTROL STATEMENT ON RISK MANAGEMENT
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