Annual Report 2022 75 ABOUT US LEADERSHIP PERSPECTIVE SUSTAINABILITY GOVERNANCE FINANCIAL STATEMENTS Other Information Statement on Risk Management and Internal Control RISK MANAGEMENT Risk Management Framework and Activities The Group’s risk management framework and methodology is guided by the ISO 31000 Risk Management - Principles and Guidelines represented in brief, as follows:- Additionally, the Standard Operating Procedures (“SOP”) governing risk management processes and reporting procedures are in place to support and outline the policies and procedures for the implementation of the ERM Framework. The efforts to implement formal risk management reviews and reporting as outlined in the ERM Framework continue to improve on a progressive basis and are ongoing. Even though the formal risk management activities and reporting carried out in the Group are continuously being improved, the Executive Directors and Management assert that there have been ongoing processes of risk management in the course of managing the business activities. Subsequently, significant risk management activities and progress including those initiated by the Executive Committee (“EXCO”) and Management were reported to the Risk Management Committee for review and recommended to the Board for approval. The anticipated or known key risks that the Group is exposed with related mitigating strategies as reported by the risk management for the financial year ended 31 March 2022 are presented in the Management Discussion and Analysis included in this Annual Report. Communication and consultation Monitoring and reviewing Risk identification Risk analysis Risk evaluation Risk treatment Risk assessment Establish context KEY ELEMENTS OF THE INTERNAL CONTROL SYSTEM OF THE GROUP The Group’s internal control system during the financial year ended 31 March 2022 was embedded within the operating activities, and up to the date of approval of this statement for inclusion in the Annual Report, it encompassed, inter alia, the following key elements:- 1. Board Committees The Board has delegated certain responsibilities to the Board Committees established in the Group, namely:- • The Audit Committee, • The Nomination and Remuneration Committee, • The Risk Management Committee; and • The ESOS Committee. These Board Committees have oversight authorities to examine and/or consider all matters within their scope of responsibilities as defined in their respective formalised terms of references and to report to the Board with their recommendations appropriately.
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