77 ANNUAL REPORT 2022 STRATEGY & OUTLOOK CORPORATE COMPLIANCE REVIEW Leveraging data & digitalisation for enhanced decision-making Year by year, new directives and regulations are adding complexity to compliance operations across all industries. We believe that navigating this evolving landscape is essential to retain a competitive advantage. Yinson leverages on digital transformation initiatives to manage our compliance matters to stay ahead of issues that may hamper the effectiveness of our compliance practices. Through digitalisation, we aim to move away from manual processes and break down silo approaches in governance by providing access to critical and up-to-date information that enables effective decision-making. Some of these endeavours are described in the ‘Data and digitalisation’ section above, with many other efforts planned in the coming years to cater for our growth into new business areas and territories. We are cognisant that our diversification into green technologies and renewables, as well as our expansion into new territories opens up new compliance risks which must be anticipated and managed. We will continue to invest in robust, global-standard platforms that help us to manage these risks, turning them into opportunities to take a leading position in corporate compliance. For example, we are embarking on the automation of the risk management data and risk registers through the implementation of IT risk management system to ensure there is a consistent and streamlined risk assessment being conducted. The system will help the Group and business functions to update and manage risk information in a more effective and timely manner. In addition, it will provide a more holistic and up-to-date risk dashboard reporting and monitoring. Building local knowledge & competencies As the Company grows into new geographical locations and business areas, a key strategy is to build a team of local compliance representatives who are well versed with the local compliance landscape. The presence of compliance representatives ensures that compliance issues are properly communicated, and local compliance issues also quickly identified, flagged for action and executed. The Corporate Compliance function at Group-level works closely with the local representatives to provide guidance and respond proactively to unique local compliance issues. We also hold quarterly meetings with compliance representatives to receive and give updates on all matters arising. Great effort is made to ensure that local compliance representatives are engaged on the relevant compliance policies’ implementation to embed the adherence of the policies throughout the Group. We believe that building a strong network of representatives who are passionate about compliance advocacy and matters on the ground is key to creating a global compliance culture in every Yinsonite – which is our strongest defence against compliance risk. In addition, in December 2021, we decentralised the quarterly risk assessment process, with designated risk coordinators appointed for the various business segments and entities to facilitate the internal risk assessment process. With the Governance, Risk Management and Compliance (“GRC”) Department providing alignment at the Group level, this has served to improve the accuracy of the risk assessments, enabling us to take the appropriate actions to handle risks for the best interest of the Group and our stakeholders. CLOSING REMARKS We are deeply committed to raising the standards of Yinson’s compliance culture and standards, as we believe this is key to address crucial global socio-economic and environmental risks, as well as the current and emerging risks that will arise as we continue to grow. Corporate compliance is a foundational building block that must underpin everything that Yinson does, and we will continue to uphold the highest standards to ensure we can continue delivering value to our stakeholders, both now and in the future.
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