RISK MANAGEMENT (CONT’D) Enterprise Risk Management (ERM) Framework (Cont’d) The objectives of ERM Framework are to ensure: • a common and consistent approach for the management of risks is adopted within the Manager • the management of risk contributes to the quality of performance and continuous improvement of the businesses, its operations, and delivery of services and products; and • all significant risks are identified, evaluated, managed, and reported in a timely manner. The above objectives will be achieved via:- • Periodic reporting to the BARC/ Board on risk management activities and keep the Board apprised and advised of all aspects of ERM and significant individual risks and risk trends; • Provision of adequate and suitable resources, including tool(s) and manpower to ensure the ERM framework and system are operating effectively; • Provision of adequate education and communication to ensure staff comprehend the requirements, benefits, and their role and responsibilities for risk management; and • Maintaining documented risk information (via risk registers and risk action plans) and procedures for the control of risks. The ERM Framework is communicated, integrated, and cascaded to all levels each plays its role in in managing risks concerning business processes in the areas of Strategic Planning, Budgeting, Policy Development, Acquisitions/ Investment and Asset Disposals, Performance Management, Building and Asset Management, Integrity, ESG and Business Continuity Management. The diagram below shows the process to be undertaken in preparing a Risk Profile: Statement on Risk Management and Internal Control Risk Assessment Recording & Reporting Communication & Consultation Monitoring & Review Scope, Context, Criteria Risk Treatment Risk Analysis Risk Evaluation Risk Identification ERM Framework 1 ABOUT US 141 3 SUSTAINABILITY STATEMENT 4 CORPORATE GOVERNANCE 5 OTHER INFORMATION 6 FINANCIAL STATEMENTS 2 BUSINESS OVERVIEW
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