STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL They are responsible for identifying business risks, implementing appropriate systems of internal control to manage these risks and ensuring that there is an on-going programme to continuously assess, monitor and manage the principal risk of the Group. Establish Context Monitoring, Review and Reporting Risk Assessment Risk Treatment • External, Internal Context of Risk • Risk Appetite, Risk Tolerance • Risk Criteria • Control Effectiveness Criteria • Roles and Responsibilities • Monitoring Tools and Processes • Identify Risk • Analyse Risk • Evaluate Risk • Identify and Select Treatment Options • Risk Treatment Plan • Setting Vision, Mission and Objectives • Strategy Formulation and Implementation • Review Strategy and Feedback • Update Strategy • Commit and Mandate • Standard Procedures and Guidelines • Allocate and Organise - Risk Management Working Group STRATEGIC AND OPERATIONAL PLANNING PROCESS 1 4 2 3 MATRIX’S ERM FRAMEWORK RISK MANAGEMENT PROCESS The Company’s ERM Framework is consistent with the Statement on Risk Management and Internal Control: Guidelines for Listed Issuers and Bursa Malaysia’s Corporate Governance Guide and also Risk Management – Principles and Guidelines. The Company’s ERM Framework and processes are summarised in the flow chart as follows:- INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 122 OUR GOVERNANCE
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