– Review and deliberate on identified risks, controls and risk mitigating strategies to ensure that these are adequately managed; – Review the Group’s resilience in event of a crisis or disaster and ensure adequate insurance coverage against key risks and perils; – Oversee the establishment and effectiveness of the Group’s practices in integrity and compliance management programmes to drive and embed a culture of ethical behaviour and integrity; and – Ensure that the BGRC and Board receive adequate and appropriate information for review and decision-making purposes. The RICC is assisted by the Risk, Integrity & Compliance Department (“RICD”), which is primarily responsible for the implementation of the risk management, business resilience and compliance integrity processes and practices within the Group. A Charter, which defines RICD’s responsibilities, scope and authority, has been established and endorsed by the Board. RISK MANAGEMENT Managing risks is an integral part of the Group’s daily business activities and management decision making process. It involves the activity of identifying, assessing, monitoring and managing risks and uncertainties that could inhibit the Group’s ability to achieve its strategy and strategic objectives. Risk Management Framework The Group has in place a Risk Management Framework (“RMF”) that provides the foundation and organisational arrangement for managing risk across the Group. Principally aligned with ISO:31000 Risk Management – Guidelines, the RMF sets out the context and objectives, emphasising on enterprise-wide risk assessment and management encompassing the identification, assessment and measurement, mitigation responses, as well as monitoring, communicating and reporting of risks. The RMF serves as a tool in managing both existing and emerging risks with the objective to enhance and protect stakeholders’ interests and at the same time to safeguard the Group’s assets and reputation. As part of its commitment to continuous improvement, the Group is enhancing its RMF to integrate ESG and corruption risk management. The framework outlines the systematic processes for identifying, analysing, evaluating, monitoring, reporting, and managing these risks within the overall risk management structure. Clarify objectives Communicate Establish context Monitor, review & report risks Identify risks Respond to risks Assess risks RISK MANAGEMENT AND INTERNAL CONTROL FRAMEWORK KEY FEATURES OF RISK MANAGEMENT FRAMEWORK RISK APPETITE the amount of risk that the Company is prepared to accept or retain in pursuit of its business objectives and value Risk Assessment Methodology Risk Governance and Structure Risk, Integrity & Compliance Department (RICD) Policy and strategic Information Risk Review and Reporting Board of Directors Board Governance and Risk Committee (BGRC) Risk, Integrity and Compliance Committee (RICC) Business-unit Risk, Integrity and Compliance Committee (BRICC) Statement on Risk Management and Internal Control UEM EDGENTA BERHAD 246 Integrated Annual Report 2024
RkJQdWJsaXNoZXIy NDgzMzc=