72 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2023 RISKS AND OPPORTUNITIES The Group, through its Risk Management Function under Governance, Risk and Compliance (“GRC”) has undertaken various initiatives to strengthen and enhance risk management processes across the Group and at the business unit level. One of the major policy enhancements in 2022 was the appointment of Risk Coordinators, tasked with supporting risk management-related matters at the business unit level, including coordinating the quarterly risk review exercise. This aims to empower business units to take ownership and manage the risks associated with their respective businesses and operations. To facilitate the reporting and recording of all risk profiles across the Group, the Risk Management Function has implemented an Enterprise Risk Management (“ERM”) digital solution which serves as a single repository database system to capture all risk data, enhance the risk dashboard and furnish access to current risk information. The new ERM solution was implemented in end-2022 and user training has commenced. User training is targeted to be completed by end-2023. With the Group actively venturing into the green technologies space, an ERM assessment was conducted on YGT to ensure that all associated and potential risks were assessed and monitored adequately with effective mitigation plans in place. From this exercise, the risk profile for YGT was developed in September 2022 and is scheduled to be reviewed on a quarterly basis. In line with our quarterly risk review schedule, the Risk Management team reviewed YP’s risk profile in December 2022. The review resulted in a timely update to YP’s risk profile to reflect the changing risk exposures in the FPSO business environment. The quarterly risk reviews allow the Risk Management Function to stay abreast of the risks associated with respective businesses and operations, as well as communicating any escalation of impact to the Group level. Hence, the Group’s Top 5 Risks were updated in December 2022 to ensure key risks for the Group were being addressed and communicated to the Top Management in a comprehensive manner.
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