106 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2024 Managing our subcontractors In the year under review, we strengthened our vendor screening processes by consolidating reviewed criteria. This enabled a more focused examination of critical topics, facilitating assessments on compliance, competency and capability. In FYE 2024, we conducted a total of 1,064 pre-qualification assessments. Due to the high-risk nature of our contract partners’ operational environments, we provide support and guidance in their incident investigation processes. This proactive approach enables the identification of actual root causes and the development of effective corrective measures to minimise recurrences. Additionally, the HSSEQ function adopted an online methodology for Yinson Production’s supervisory personnel to assess high-risk tasks performed by contractors. This comprehensive approach offers detailed guidance throughout the evaluation process, ensuring a comprehensive review of the contractor’s compliance with their own established safe systems of work and other regulatory obligations. As a result, compliance rates have significantly improved, consistently exceeding 95% on a monthly basis. Subcontractor HSE performance, pg 72. Building competency and capability During the year in review, the HSSEQ function worked with Group HR’s Talent and Learning team to create Yinson Production’s first competency and capability framework for both HSSEQ personnel and the broader workforce. This effort involved conducting a training needs analysis. We aim to achieve an 80% completion rate for scheduled training by the end of 2024. Leveraging digitalisation Yinson implements digitalisation initiatives to improve learning, leadership, safety and organisational culture. By integrating real-time comprehensive analytics, we facilitate informed decision-making across critical areas like risk management, analysis and evaluation. This ensures effective outcomes and optimises operational efficiency and control. During the year in review, HSSEQ successfully digitalised several processes related to risk assurance and reporting. Emergency preparedness and response As part of our ongoing efforts to enhance emergency preparedness and response, we have aligned our Emergency Preparedness protocols with ISO 22320 Security and Resilience – Emergency Management – Guidelines for Incident Management. Following internal assessments conducted throughout the year and subsequent enhancements, we have strengthened our emergency capacity to meet requirements. Hazard identification, risk assessment and incident investigation Our Integrated HSSEQ Management System incorporates safety controls to protect employees and contractors across various locations, departments and business units. These locations encompass country offices, shore bases, fabrication yards and assets where the Management System is implemented. The Management System does not cover projects that are executed within subcontractor-operated facilities beyond the direct control of Yinson Production. Additionally, we have processes to identify work-related hazards and risks, which include a hierarchy of controls to mitigate risks, namely the Yinson Production Risk Management Standard and related processes such as the Risk Assessment Procedure. These provide guidance in enabling effective risk identification, assessment and mitigation to prevent negative impacts on our finances, reputation and licence to operate. Risk owners, individuals, or entities who are tasked with overseeing risk management are required to define the parameters of risk assessments. This involves: • Setting the trigger, indicating an indicator of an imminent risk occurrence. • Establishing the objectives of the risk assessment. • Defining the scope and boundaries of the assessment, specifying what is included and excluded. • Identifying key stakeholders and participants as well as their roles and responsibilities. • Identifying relevant information needed for the assessment. • Considering any legal or regulatory requirements that need attention.
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