People, Systems, Operations Corporate Governance Performance Management Budgeting Strategic Planning Risk Management Risk Identification Risk Prioritisation Risk Monitoring Risk Assessment Risk Controls Risk Reporting Risk Management Framework Roles and Responsibilities Risk Monitoring & Reporting • Monitor, report and perform actions to give insights into the strengths and weaknesses of risk management. Risk Control • Risk control involves identifying the range of options for treating risk, assessing those options, preparing risk treatment plans, and implementing those plans. Risk Identification, Assessment, Prioritisation • Identify and assess the risk implications of all actions it undertakes in relation to both existing and proposed activities, systems, and procedures. All risks identified will be evaluated and documented, determine which risk should be addressed first depending on the risk’s likelihood and its potential impact. Risk Elements and Its Description Board of Directors Risk Management Committee Risk Management Department Head of Departments Risk reporting Risk control, monitoring, reporting Risk identification, assessment, prioritisation Risk Management Process The RMSC comprises representatives from the Board of Directors, and Group Managing Director who are guided by formalised risk reporting and operational feedback provided by the Risk Management Department. The overall risk reporting process is conducted on a quarterly basis with emphasis on three key focus areas: • Risk Register, encompassing significant and potential risks; • Risk rating, recording changes in risk status upon the implementation of mitigation measures; and • The Group Risk Profile, highlighting significant risks and mitigating controls pertinent to the operations of the Group. 133 GOVERNANCE
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