124 WE ARE KENANGA LEADERSHIP MESSAGE VALUE CREATION MODEL KENANGA INVESTMENT BANK BERHAD ANNUAL REPORT 2023 AUDIT COMMITTEE REPORT b c The AC, at its meeting held on 24 October 2023 had also taken note of the outcome of the review performed by Group Prudential Supervision & Regulatory Affairs (“GPSRA”) in relation to the status of implementation of action plans taken by the relevant departments following GPSRA’s regulatory issuances of new, revised and updated regulations to ensure KIBB’s compliance with the relevant regulatory requirements prescribed by the respective regulators. In keeping its TOR up to date, the AC had reviewed and via a Members’ Resolution in Writing passed on 5 December 2023, recommended to the Board of KIBB for approval, the amendments to its TOR to be in line with the latest regulatory requirements, particularly in respect BNM’s Policy Document on Climate Risk Management and Scenario Analysis (“CRMSA”) issued by BNM on 30 November 2022 and revised MMLR of Bursa Malaysia in relation to the conflict of interest. Joint Meetings Between the AC and the GBRC Pursuant to BNM’s Policy Document on Risk Governance, the GBRC and the AC are expected to periodically meet to ensure effective exchange of information to enable effective coverage of all risks, including emerging risk issues that could have an impact on KIBB Group’s risk appetite and business plans. In this regard, joint meetings between the AC and the GBRC were held on 22 June 2023 and 29 August 2023 in line with the aforementioned BNM’s requirement to deliberate on the following matters: Date of Joint Meeting Subject Matters 22 June 2023 • LCR Audit Results as of 31 December 2022 Performed by EY 29 August 2023 • Assessment on KIBB’s Risk Management Practices – Lesson Learnt from the Silicon Valley Bank Crisis • BNM’s Policy Document on CRMSA - Status Update on KIBB’s Implementation Plan to Comply with the CRMSA 3.10 4. ROLE OF CHAIRMAN OF AUDIT COMMITTEE AS THE SPEAK UP DIRECTOR FOR WHISTLEBLOWING KIBB Group has put in place a Whistleblowing Framework for the reporting of any concerns made in good faith about behaviour, conduct, practice, deeds and/ or omissions that might be either unlawful or irregular within KIBB Group, without fear of reprisal. The Whistleblowing Framework which is guided by the Group Whistleblowing Policy & Guidance Notes (“Whistleblowing Policy”) was approved by the Board in 2015. However, the Whistleblowing Policy was revised and renamed as Group Speak Up Policy on 28 June 2023. Under the Group Speak Up Policy, the Group Chief Regulatory and Compliance Officer is designated as the Speak Up Officer together with the Group Managing Director of KIBB to manage whistleblowing cases confidentially, whereas the Chairman of the AC is designated as the Speak Up Director for Whistleblowing.
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