Responsibilities Governing overall risk oversight responsibility including defining the appropriate governance structure and risk appetite. Process • Articulates and provides direction on risk appetite, organisational control environment and risk culture. • Provide an independent view on specific risk and control issues, the state of internal controls, trends and events. Responsibilities • Provide independent assurance design and effectiveness on an organisation’s risk management, governance and internal control processes are operating effectively. • Assurance about design and effectiveness. Process Perform risk-based internal audit and independent reporting to Management and the BARC. THE GOVERNANCE STRUCTURE The Governance Structure for the Risk Management and Internal Control is depicted below: The governance structure dictates the segregation of the roles and responsibilities of the Board, BARC, the ERMC and other key personnel which are summarised as below: GOVERNANCE FRAMEWORK CONTEXT Statement on Risk Management and Internal Control Enterprise Risk Management Framework ENTERPRISE RISK MANAGEMENT COMMITTEE (ERMC) External and Internal Auditor BOARD INVESTMENT COMMITTEE (BIC) BOARD AUDIT AND RISK COMMITTEE (BARC) BOARD SUSTAINABILITY COMMITTEE (BSC) BOARD OF DIRECTORS CHIEF EXECUTIVE OFFICER (CEO) STRATEGIC RISKS Market Risks ESG Risks Partnership Risks FINANCIAL RISKS OPERATIONAL RISKS COMPLIANCE/ LEGAL RISKS BUSINESS LINE MANAGEMENT/ RISK OWNERS The Board and Board Commitees Internal Audit 134 AL-SALĀM REIT ANNUAL REPORT 2024
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