FRONTKEN CORPORATION BERHAD 200401012517 (651020-T) ANNUAL REPORT 2024 39 PRINCIPLE B – EFFECTVE AUDIT AND RISK MANAGEMENT (CONT’D) II. RISK MANAGEMENT AND INTERNAL CONTROL FRAMEWORK The Board has overall responsibility for maintaining a sound system of risk management and internal control of the Group that provides reasonable assurance on efficient business operations, compliance with laws and regulations as well as internal procedures and guidelines to achieve corporate objectives. The Audit Committee assists the Board in reviewing the adequacy and operating effectiveness of the system of risk management and internal control in the Group. The Audit Committee does this by deploying an independent outsourced internal audit function as well as an in-house internal audit function that conduct internal audit, with findings presented to the Audit Committee, including the remedial measures and action plans agreed by Management to address the matters so highlighted. For more details of Internal Audit, both for the outsourced and in-house functions, refer to the Statement on Risk Management and Internal Control which is included in the Company’s 2024 Annual Report as well as the Corporate Governance Report that is made available on the Company’s website at www.frontken.com. The Audit Committee is responsible for overseeing the risk management framework and policies while Management of the respective business units and subsidiaries is tasked to manage business risks, including developing, implementing and monitoring mitigating measures to manage such risks to acceptable levels. Details of the Group’s Risk Management framework, activities carried out for the financial year under review and reporting processes are set out in the Statement on Risk Management and Internal Control included in this Annual Report. The Board is of the opinion that thus far, the existing risk management framework and policies are effective in monitoring and mitigating the present risks of the Group to acceptable levels in safeguarding the interest of shareholders, customers, employees and other stakeholders and the Group’s assets but would continually to review and update the framework and policies to meet new and/or changing risks affecting the Group on an ongoing basis. PRINCIPLE C – INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP WITH STAKEHOLDERS I. COMMUNICATION WITH STAKEHOLDERS The Board recognises the importance of being transparent and accountable to the Company’s stakeholders and acknowledges that continuous communication between the Company and its stakeholders facilitates mutual understanding of each other’s objectives and expectations. As such, the Board ensures the supply of clear, comprehensive, and timely information to stakeholders by way of various disclosures and announcements, including quarterly and annual financial results which provide investors with up-to-date financial information of the Group. All these announcements and other information about the Company, which are disseminated according to the Company’s Corporate Disclosure Policy, are available on the Company’s website at www.frontken.com where shareholders, investors and the general public may access. During the year, the Chairman has been actively engaging with institutional investors, analysts and fund managers (both locally and overseas) and carried out investors relations programme to keep the stakeholders abreast of the developments of the Group and answering their questions on the performance of the Group. In addition, the Directors also ensure that engagement with shareholders occurs at least once a year during the AGM to better understand their needs and obtain their feedback. CORPORATE GOVERNANCE OVERVIEW STATEMENT (CONT’D)
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