BOARD AUDIT AND RISK COMMITTEE REPORT RISK MANAGEMENT AND INTERNAL CONTROL (a) Reviewed quarterly top risk profiles which covers Strategic, Finance, Operational and Compliance Risks and deliberated on the significant threats and opportunities, including status and adequacy of mitigation strategies. (b) Discussed the improvements to the Enterprise Risk Management framework and process to ensure proactive and holistic risk identification and monitoring of mitigation actions to reduce risk impact to an acceptable level. (c) Evaluated the overall adequacy and effectiveness of internal controls through review of the work performed by both internal and external auditors, other assurance providers and through discussions with the Management. (d) Ensures appropriate controls are in place in management of the Fund, that the Manager has a well defined organisational structure with clear lines of responsibility and a comprehensive reporting system and adequate procedures in financial reporting, risk management, internal control and are in place. Further details in respect of risk management and internal controls are set out on pages 117 to 125 (Statement on Risk Management and Internal Control of this Annual Report). Details in respect of the principal risks and uncertainties are set out on pages 042 to 055 under Management Discussion and Analysis. (e) The Committee also reviewed and deliberated on four frameworks relating to compliance and internal controls and recommended to the Board the implementation of the frameworks and policies put forward by the Management, listed as below: COMPLIANCE (a) Monitored the status of internal misconduct cases reported to Board and BARC on a quarterly basis, including on-going investigations, in accordance with the Code of Conduct and Business Ethics (“CoBE”). (b) Deliberated on the results of compliance cases and directed Management to implement and/or enhance controls to prevent recurrence, including conducting education programmes to increase awareness. 114 AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2021
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