statement on risk management and internal control The Board and Management ensure that the RMIC framework is embedded into the culture, processes and structures of the Group and clearly communicated to all key management personnel. The framework is responsive to changes in the business environment. The following are iniঞaঞves undertaken by the Risk Management Commiee during the year:- • Regular review of the Risk Profile of the Group and acঞon plans to be undertaken to manage the principal risks of the Group; and • Regular monitoring of the acঞon plans derived by the “Risk Owners” to address principal risks of the Group. Based on the above RMIC Framework adopted and approved by the Board of Directors, the Risk Management Commiee have delegated the responsibiliঞes of idenঞfying Key Risks of the Group to the respecঞve “Risk Management Business Units” and “Risk Owners” whereby the “Risk Owners” are required to report the Key Risks of the Group with proposed acঞon plans to the Risk Management Commiee for review and consideraঞon. The Key Risks of the Group with proposed acঞon plans have been updated and presented to the Risk Management Commiee in its meeঞngs periodically. Organisation Structure The Board has established an Organisaঞon Structure of the Group, with clear lines of job scope and responsibiliঞes for each department and division to administer and acঞvely oversee the daily operaঞons of the Group. The Organisaঞon Structure plays a vital role in acঞng out the Board’s expectaঞons through acঞve parঞcipaঞon in the operaঞons of the business. Management meeঞngs with the heads of all departments and business units are held once a month, led by the Group Managing Director to discuss the progress of each project and other operaঞonal issues that require immediate aenঞon. Audit Committee The Audit Commiee was established with a view to assist and to provide the Board with added focus in discharging the Board’s duঞes. The primary objecঞves of the Audit Commiee are to provide assistance to the Board in fulfilling its fiduciary responsibiliঞes relaঞng to the corporate accounঞng and pracঞce of the Group and to improve the Group’s business efficiency, the quality of the accounঞng funcঞon, the system of internal control and audit funcঞon and strengthen the confidence of the public in the Group’s reported results. The Audit Commiee also ensures that there are conঞnuous efforts by Management to address and resolve areas with control weaknesses. Internal Audit During the FY2025, internal audit funcঞon of the Group has been undertaken via an in-house internal audit team led by Encik Nik Li R Deraman (Head of Internal Audit) together with an independent, external consulঞng firm, namely Wensen Consulঞng Asia (M) Sdn Bhd (collecঞvely known as “Internal Auditors”) to assist the Audit Commiee and the Board primarily in formalising the Internal Audit Plan based on the established risk profile of the Group. The Head of Internal Audit graduated with a Bachelor’s Degree in Accounঞng (Hons) from University Utara Malaysia (“UUM”), is a Chartered Member of The Insঞtute of Internal Auditors Malaysia and Malaysian Insঞtute of Accountants. The in-house internal audit team comprises the Head of Internal Audit supported by two (2) execuঞves whereas Wensen Consulঞng Asia (M) Sdn Bhd assigns at least two (2) execuঞves during each audit assignment, thus providing overall support and back up to the enঞre internal audit team. The Internal Auditors do not have any relaঞonship with the directors and/or major shareholders of Matrix and they have assured that they are free from any conflicts of interest or relaঞonships that could impair their objecঞvity and independence. The Internal Auditors carry out regular internal control reviews on the business processes based on the approved Internal Audit Plan and reports to the Audit Commiee on a quarterly basis. All findings including the recommendaঞons for further improvement are presented independently by the Internal Auditors to the Audit Commiee subsequent to discussions with Management on a quarterly basis. The independent monitoring, review and reporঞng arrangements undertaken by the Internal Auditors give reasonable assurance that the structure of internal controls and business processes are appropriate to the Group’s operaঞons so as to properly manage the principal risks to an acceptable level throughout the Group’s businesses. Internal control weaknesses are idenঞfied and duly addressed either immediately or progressively. External Auditors The Group employs Ernst & Young PLT as its External Auditors for the financial year ended 31 March 2025. 135 MATRIX CONCEPTS HOLDINGS BERHAD INTEGRATED ANNUAL REPORT 2025 06 OUR GOVERNANCE
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