In the past, the Audit Committee was also tasked to assist the Board in discharging its oversight responsibilities and fulfilling its fiduciary responsibilities in formulating, overseeing as well as inculcating a sound enterprise risk management framework and systems, including systems for compliance with applicable laws, regulations, rules, directives and guidelines in order to manage the overall risk exposure of the Group. However, the rapid growth of the Group has resulted in greater responsibilities, risks and time taken by the Directors to contribute their expertise to the Company and the Group and accordingly, the Board had, on 26 November 2021, approved the Terms of Reference for a separate Risk and Governance Committee to take over this function from the Audit Committee. The Risk and Governance Committee was subsequently formed on 4 February 2022 and had its first meeting on 21 February 2022. On a quarterly basis, the Risk and Governance Committee reviewed and appraised that appropriate systems are in place to manage principal risks, the efficacy of the controls on progress of operations and current developments and provide The Board is the ultimate governing body with overall oversight responsibility defining the appropriate governance structure, risk appetite and embedding the risk management policy and strategy across the Group. The Audit Committee is responsible to assist the Board in discharging its oversight responsibilities and fulfilling its fiduciary responsibilities in ensuring that there exist adequate and effective systems of governance and internal controls. The Audit Committee may commission for special projects to investigate, develop, or report on specific aspects of the operating and internal processes of the Group. The Audit Committee also ensures that the established policies, procedures, guidelines, as well as operating and internal accounting controls: protect the Group’s assets from misappropriation; and are adequate, functioning, and effective; reduce the risk of unreliable financial reporting; encourage legal and regulatory compliance in promoting efficiency and proper conduct of business of the Group 141 DNeX INTEGRATED REPORT 2022
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