1 Consumers & Customers 4 5 6 2 3 Risk Management MSM’s structured risk management framework established under the Risk Management Policy enables MSM to facilitate risk assessment process and mitigation plans to achieve a strategic vision and aspirations to be amongst the top sugar-business companies globally. The framework is designed to identify, assess and prioritise risks and opportunities, including ESG risks that impact our business. To ensure effective oversight of risks at enterprise-wide level, risk management is embedded into our key processes and activities. The Enterprise Risk Management Framework is designed in accordance with the ISO 31000:2018 Risk Management-Guidelines. The CGRM Department is the custodian of Group’s risk profile. The Board, assisted by the BGRC, has the overall responsibility to review the effectiveness and adequacy of MSM’s risk management and internal controls. With a structured risk framework, potential risks are tracked in the risk registers of each operating company and are reviewed on a quarterly basis by CGRM jointly with the respective risk owners from the operations to assess the analysis and mitigation measures, and where applicable, ensure action plans are effective and adequately documented. CGRM publishes its quarterly risk report to the Management, Board Committees and Board on the key risks horizon covering the top 10 and other key risks. Further details on the Key Challenges & Mitigations are covered on page 74, and further details on MSM’s Risk Management are disclosed in the SORMIC section on page 251 Stakeholder Engagement MSM Group strives to engage actively with the following six categories of stakeholders to manage their expectations by providing adequate information in appropriate forms for effective communication. We place Consumers & Customers first as our top priority stakeholder group. Details on our engagements with our stakeholders are covered on page 102 Details on our Materiality Assessment are covered on pages 96 to 101 Vendors, Suppliers & Industry Partners Employees Shareholders & Investment Community Regulatory Agencies & Statutory Bodies Media, NGOs and Communities During the year, the Group emphasised on-ground and face to face engagement with key customers and industry players to fortify relationships and create better value delivery synergies. However, due to the pandemic and movement restrictions, virtual engagement channels were employed to reach out to the community and authorities such as the DOE. Materiality Assessment Our approach to ESG is currently aligned to our business strategy and this approach is informed by our understanding of the issues that are most material to us as a business and to the communities we touch, and in turn by the priorities we are setting for ourselves along our value chain. In FY2021, we continued to internally assess and review our material matters for their relevance and changes to the risks and opportunities impacting our business. We have streamlined the material matters, as reported on page 126 and in our previous report in 2020. This year we highlight those that remain relevant and important to us while we progress to refine our priorities in the coming year. We have also enhanced our disclosures on our material topics, and where applicable, aligned these with the relevant GRI standards and identified the UN SDGs most relevant to our sustainability effort in FY2021. SUSTAINABILITY JOURNEY HOWWE ARE GOVERNED FINANCIAL STATEMENTS ADDITIONAL INFORMATION 125
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