My EG Services Berhad Annual Report 2020

ANNUAL REPORT 2020 47 We remain mindful of our business, financial, strategic and operational risks, more so in a dynamic industry where UFDIOPMPHJDBM EJTSVQUJPO BOE PUIFS DIBOHFT PDDVS SBQJEMZ 5IF CJHHFTU DIBOHF JO UIF NBDSP PQFSBUJOH FOWJSPONFOU JO ': DBNF GSPN UIF POTFU PG UIF $07*% QBOEFNJD XIJDI QSFTFOUFE B TMFX PG OFX SJTLT UP BEESFTT BOE SFRVJSFE UIF (SPVQ UP BEBQU BOE TIJGU JUT CVTJOFTT NPEFM BOE TUSFOHUIT UP NJUJHBUF BHBJOTU àOBODJBM BOE OPO àOBODJBM JNQBDU Hence, beyond standalone mitigation measures, MYEG’s risk response needs to be holistic. Risks are not viewed in silos, but from the perspective of the ensuing impacts on the business model itself, our value chain and business processes including ability to execute business and operational strategies. The relationship between risks and our environmental and social material topics is also duly considered as we look to JODSFBTJOHMZ BMJHO àOBODJBM BOE OPO àOBODJBM CVTJOFTT QFSGPSNBODF GPS B NPSF IPMJTUJD VOEFSTUBOEJOH PG PVS JNQBDUT The separation of our Audit Committee and Risk Management Committee in FY2020 was a significant initiative to reflect these aspirations. With our Risk Management Committee now being its own, greater focus and effort can be channelled towards enacting a more thorough and inclusive risk response and analysis through dedicated manpower and resources that are designated for this specific goal. By considering risk from this more encompassing perspective, the Group is better positioned to better understand the extent of the impacts caused by its identified risks factors. This allows for a more accurate categorisation of risks factors based on the true severity and likelihood of risk factors. OUR RISKS AND OPPORTUNITIES 4 Customer experience 3 Technology performance 2 Customer data 1 Cyber Threat 5 Economic 6 Political and regulatory environment 7 Business strategy 8 Talent retention 9 Law and ligislation 10 Litigation Risk Likelihood and Severity Matrix Impact Likelihood High Medium Low For FY2020, we have mapped our risk factors with our material topics as well as against impact / potential impact to business strategy and our business model. Going further, we have assessed risk impacts in terms of impacts on stakeholders rather than just impacts to MYEG alone. OUR BUSINESS