Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 239 STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL The Risk Management Committee (“RMC”) is responsible to implement the policies and procedures established by the Board and Board Governance and Risk Committee (“BGRC”) in ensuring a sound and robust Risk Management Framework (“RMF”) to achieve the Group’s strategic objectives, safeguard shareholders’ investments and its assets. The RMC is chaired by the Group’s Managing Director/Chief Executive Officer and its members include the Group’s Executive Leadership Team, comprising Heads of Business Units and co-opted members from the management team of the Group. Risk Management Committee RISK MANAGEMENT Managing risks is an integral part of the Group’s daily business activities and management decision making process. It involves the activity of identifying, assessing, monitoring and managing risks and uncertainties that could inhibit the Group’s ability to achieve its strategy and strategic objectives. Risk Management Framework The Group has in place a Risk Management Framework (“RMF”) that provides the foundation and organisational arrangement for managing risk across the Group. Principally aligned with ISO:31000, the RMF sets out the context and objectives, emphasising on enterprise-wide risk assessment and management encompassing the identification, assessment and measurement, mitigation responses, as well as monitoring, communicating and reporting of risks. The RMF serves as a tool in managing both existing and emerging risks with the objective to enhance and protect stakeholders’ interests and at the same time to safeguard the Group’s assets and reputation. The RMC is assisted by the Risk, Integrity & Compliance Department (“RICD”), which is primarily responsible for the implementation of the risk management, business resilience and compliance integrity processes and practices within the Group. A Charter, which defines RICD’s responsibilities, scope and authority, has been established and endorsed by the Board. Review and recommend risk management policies and procedures for the approval or acknowledgement of the BGRC and Board and Managing Director/Chief Executive Officer respectively; Act as Primary Champion of risk management at strategic and operational levels; Review the ongoing adequacy and effectiveness of the risk management process; Review and deliberate on identified risks, controls and risk mitigating strategies to ensure that these are adequately managed; Review the Group’s resilience in event of a crisis or disaster and ensure adequate insurance coverage against key risks and perils; Oversee the establishment and effectiveness of the Group’s practices in integrity and compliance management programmes to drive and embed a culture of ethical behaviour and integrity; and Ensure that the BGRC and Board receive adequate and appropriate information for review and decision-making purposes. The RMC undertakes the following responsibilities:
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