157 Yinson GreenTech (“YGT”) risk profile In an effort to ensure adequate risk management processes and procedures are being implemented across all business segments, Risk Management function has conducted risk assessment exercise for YGT in Q3 FYE 2023. The risk profile is being reported to the BRSC and Board on a quarterly basis. As part of the assessment and resulting action plan, Risk Management function will engage with respective key personnel of YGT to assess the risk profiles for their associate companies in order to effectively manage the risks and success of these investments. Yinson Production Offshore Pte Ltd (“YPOPL”) risk profile As part of the efforts to ensure adequate risk assessments are being implemented across all business units, Risk Management function together with the business unit’s Risk Coordinator, has conducted a significant review on YPOPL Risk Profile in Q4 FYE 2023 to reassess the existing risks as well as identify the new risks associated with YPOPL across the project management phases. Moving forward, Risk Management function is planning to revisit and conduct a similar review for the Operations and Maintenance segment of Yinson Production AS (“YPAS”). This would give a clearer picture on the overall key risks that FPSO segment is exposed to, and also the controls being addressed to mitigate these risks. Risk Coordinators Risk Coordinators’ roles were created during the year comprising representatives from Health, Safety and Environment (“HSE”) officers across the Group. Their roles, among others, are to lead the risk management process to identify, assess, evaluate, communicate and monitor the risks within their section/business function or region in accordance with the approved Group’s ERM Policy Statement and Framework. Moving forward, the Risk Coordinators will also be guided on the usage of the ERM IT solution which aims to facilitate the quarterly risk review exercise on a digitised platform with dashboarding functionality. Risk awareness sessions During the year, several risk awareness sessions were conducted for relevant Management and key personnel from respective operational business units and corporate functions. This is to ensure that risk processes are reasonably understood and that the personnel involved are able to identify and assess the potential risks appropriately. Besides being briefed on the ERM Policy Statement and Framework, Risk Management function also discussed with the participants on the existing and emerging risks identified. Risk Management function will continuously enhance the approach to address the key areas of the ERM Policy Statement and Framework and engage with respective risk owners to address the gaps on their understanding over the subject matter. In addition, Risk Management function will continue to include more risk management resources or information onto YNet to further strengthen the risk management culture across the Group. Enhancement of ERM Policy Statement and Framework In Q4 FYE 2023, Risk Management function initiated a review on the ERM Policy Statement and Framework taking into consideration the observation points from Internal Audit Report on the maturity level of the Group’s ERM Policy Statement and Framework. The Policy review has been finalised with approval by the Board in Q1 FYE 2024. Automating the risk management process The Group has embarked into the digitisation of the risk management database and information through the implementation of an IT risk management solution to manage the risk profiles and registers. The implementation of the risk management system will allow the Group to utilise a single risk repository system to capture more accurate risk data, enhance the risk dashboard and facilitate access to up-to-date risk information. The system also has the potential for integration with other relevant database systems to enable risk monitoring in a more effective manner. The usage of the system is being rolled out in phases, starting from October 2022. We aim to have Risk Coordinators fully trained and using the platform by Q2 FYE 2024. System training will be arranged for Risk Coordinators whereby they will be briefed on their role in the system. The Phase 1 roll out has been completed in Q4 FYE 2023 where the risk team has utilised the system for YHB – KL Office risk review. Phase 2 is targeted to be rolled out to all the Risk Coordinators by Q2 FYE 2024 while for Phase 3, which is the full utilisation of the system by Risk Coordinators and relevant risk owners, is targeted to be completed by Q4 FYE 2024. STATEMENT ON RISK MANAGEMENT & INTERNAL CONTROL GOVERNANCE
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