2. RISK MANAGEMENT AND INTERNAL CONTROL FRAMEWORK The Board assumes ultimate responsibility for the effective management of risk across the Group, determining its risk appetite as well as ensuring that each business area implements appropriate internal controls. In order to achieve such objective, a risk management policy has been adopted by the Group. The Group’s risk management systems are designed to manage, mitigate and eliminate risks (where possible) to achieve business objectives and can only provide reasonable and not absolute assurance against material misstatement or loss. The Board is assisted by the AC and the RGSC in reviewing the adequacy of the risk management and internal control system of the Group. This covers all material controls including financial, operational, compliance and risk management systems. The AC and RGSC is further supported by a number of sources of internal assurance within the Group in order to determine the adequacy and effectiveness of the existing risk controls. The Board acknowledges its responsibility for maintaining a sound system of internal control which provides reasonable assurance in ensuring the effectiveness and efficiency of the Group’s operations and to safeguard shareholders’ investment and its assets and interests in compliance with the relevant laws and regulations as well as the Group’s internal financial administration procedures and guidelines. The Group has established an Internal Audit Department, which reported directly to the AC as specified in the Terms of Reference of the AC. The internal auditors carry out its function in accordance with the annual Internal Audit Plan which has been approved by the AC. The Internal Audit Department has five (5) audit personnel assisting the person responsible for the internal audit. Details on the person responsible for the internal audit are as set out below: Name Izham Syah Mahrome Qualification Member of the Association of Chartered Certified Accountants, the Institute of Internal Auditors, Malaysia and the Malaysian Institute of Accountants. Independence Does not have any family relationship with any director and/or major shareholder of the Company Public Sanction or penalty Has no convictions for any offences within the past 5 years, other than traffic offences, if any and has not been imposed any public sanction or penalty by the relevant regulatory bodies during the financial year. Further information may be found in the Statement on Risk Management and Internal Control of this Integrated Report. DAGANG NeXCHANGE BERHAD 134 CORPORATE GOVERNANCE OVERVIEW STATEMENT
RkJQdWJsaXNoZXIy NDgzMzc=