58 GHL SYSTEMS BERHAD 199401007361 (293040-D) ANNUAL REPORT 2021 KEY INTERNAL CONTROL PROCESSES (Cont’d) 7. Corporate Governance a. Code of Ethics and Conduct A set of Code of Ethics and Conduct, setting out expected ethical standards and code of conduct, has been established, which is binding on all employees in the Group, and is available on the official website www.ghl.com. b. Whistle Blowing Policy The Group has implemented a Whistle Blowing Policy to provide an avenue for employees and all stakeholders to report in a confidential manner any suspected acts that are in breach of the Group’s code of ethics, internal policy, and applicable laws or regulations. This policy ensures that the corporate culture of integrity, transparency and accountability are promoted across the Group. The policy also guarantees an employee or stakeholder making a report of improper conduct in good faith shall not be subject to reprisal action or discrimination of any kind by the Company. The Board and ARC Chairman are primarily responsible to ensure that all whistleblowing reports are properly followed up. c. Anti-Bribery and Corruption Policy The Group has implemented a very clear and definitive policy on acts of Bribery and Corruption. The purpose of the policy is to mitigate the risk of fraud and corruption by providing the specific procedures or instructions regarding the appropriate actions needed to be undertaken in cases of suspected violations. The Group adopts a zero-tolerance stance in all forms of bribery and corruption by its employees and business associates. d. Anti-Money Laundering, Anti-Terrorism Financing, and Unlawful Activities Policy The Group has implemented the policy on Anti–Money Laundering, Anti-Terrorism, and Unlawful Activities which is to establish the framework and specific procedures against money laundering, financing of terrorism, and unlawful activities. The Group is committed to high standards of anti-money laundering, financing of terrorism, and unlawful activities compliance and requires all Directors and employees across the Group to adhere to these standards to prevent the use of its products and services for money laundering or terrorism financing purposes. e. Insurance Adequate insurance coverage for major assets, building, and machinery in all operating divisions and subsidiaries are in place to ensure the Group’s assets are sufficiently covered against any calamity that will result in material losses to the Group. f. Compliance Framework The Group had established a Compliance Framework that sets out the approach for the Group in managing the mandatory compliance requirements, mitigating compliance risk. The framework and mandates the Group Legal and Compliance Department to drive compliance across the Group. g. Legal The Group Legal and Compliance Department also provides legal advisory and assists in the preparation and review of any legal documentation. STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL CONT’D
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