STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL 2. Carry out audit activities on business units of the Group to ascertain the adequacy and integrity of their systemof internal controls, governance, riskmanagement capability andadequacy of themanagement team. The assessment on recurrent related party transaction procedures is carried out annually. 3. Report to theManagement uponcompletionof eachaudit onany significant control lapses and/or deficiencies noted from the reviews and the root-cause analysis results (where applicable), for their verification and corrective action plan. 4. Report to the AC on all significant non-compliance, internal control weaknesses, root-cause analysis results (where applicable), andagreedactions takenbyManagement to resolve the audit issues identified. 5. The internal audit results are communicated with ratings on the overall adequacy and effectiveness of management’s risk management and internal control effectiveness in relation to the approved internal audit focus (coverage) areas. This rating reflects the internal audit conclusion or opinion. There are also implementation priority ratings for each internal audit findings. This rating communicates the level of urgency that an improvement shall be implemented. 6. Follow-up on internal audit issues identified to ascertain whether agreed corrective action plan has been carried out by the Management and provide updates to the AC. WEAKNESSES IN INTERNAL CONTROLS WHICH RESULTED IN MATERIAL LOSSES There were no major weaknesses in internal controls which resulted in material losses during the financial year under review until the date of approval of this Statement. REVIEW OF THE STATEMENT BY EXTERNAL AUDITORS The external auditors have reviewed this Statement on Risk Management and Internal Control and reported to the Board that nothing has come to their attention that causes them to believe the Statement is inconsistent with their understanding of the process adopted by the Board in reviewing the adequacy and integrity of the Group’s internal control system. This statement is made in accordance with the resolution of the Board of Directors dated 30 March 2022. Annual Repor t 2021 58
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