138 PRINCIPAL B: EFFECTIVE AUDIT AND RISK MANAGEMENT (CONT’D) I. AUDIT COMMITTEE (CONT’D) These areas included: (a) Operation Management (Beli Mart Sdn. Bhd.) (b) Admin Department (c) Operation Management (ESC) (d) Helpdesk Department (e) Management of Information System The composition of the AC undergoes an annual review by the NC and is subsequently recommended to the #PBSE GPS BQQSPWBM #BTFE PO UIF SFTVMUT PG UIF FWBMVBUJPO DPOEVDUFE EVSJOH ': UIF #PBSE FYQSFTTFE satisfaction with the AC’s performance in discharging its responsibilities. 'PS GVSUIFS EFUBJMT PO UIF BDUJWJUJFT VOEFSUBLFO CZ UIF "$ QMFBTF SFGFS UP UIF "$ 3FQPSU PO QBHFT UP PG this IAR2024. II. RISK MANAGEMENT AND INTERNAL CONTROL FRAMEWORK Risk management is a pivotal element of good management practice and effective corporate governance. 0VS 3JTL .BOBHFNFOU 1PMJDZ FOTVSFT UIBU UIF #PBSE T EFDJTJPO NBLJOH JT TVQQPSUFE CZ TVGàDJFOU JOGPSNBUJPO fostering informed discussions and considerations. The enhanced levels of risk discourse and heightened Management engagement are imperative to ensure that appropriate monitoring and mitigation measures are embedded to support the proposals under discussion. The Board fulfills its risk governance and oversight obligations through its Risk Management Committee (“RMCu which comprises three (3) Independent Non-Executive Directors. The RMC is entrusted with managing the Group’s overall risk exposure. In addition to reviewing the adequacy and efficacy of the Group’s internal control TZTUFN UIF 3.$ BMTP BTTFTTFT BOE NPOJUPST UIF FGGFDUJWFOFTT PG SJTL NBOBHFNFOU GSBNFXPSLT BOE DPOUSPMT The Board is committed in driving a proactive risk management approach and ensuring that the Group’s employees possess a comprehensive understanding of risk management principles. This commitment aims to cultivate a sustainable risk management culture throughout the organisation. The Board will continue to challenge the Group’s risk reporting mechanisms and advocate for a data-driven approach to capture and quantify exposures where applicable and necessary. The Board is confident that the system of internal controls and risk management implemented during FY2024 JT TPVOE BOE TVGàDJFOU UP TBGFHVBSE UIF (SPVQ T BTTFUT QSPUFDU TIBSFIPMEFST JOWFTUNFOUT BOE VQIPME UIF JOUFSFTUT PG TUBLFIPMEFST 'PS GVSUIFS EFUBJMT PG UIF 3JTL .BOBHFNFOU BOE *OUFSOBM $POUSPM 'SBNFXPSL QMFBTF refer to the Risk Management and Internal Control Statement of this IAR2024. PRINCIPAL C: INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP WITH STAKEHOLDERS I. COMMUNICATION WITH STAKEHOLDERS The Group recognises the importance of stakeholder engagement in ensuring the long-term sustainability of JUT CVTJOFTTFT "T B DPOTDJFOUJPVT DPSQPSBUF FOUJUZ UIF (SPVQ BDLOPXMFEHFT UIF JNQPSUBODF PG FOHBHJOH XJUI stakeholders and understands the potential impact its operations may have on a diverse range of stakeholders. 5P FOTVSF UIBU FOHBHFNFOU FGGPSUT BSF DPOTUSVDUJWF BOE NFBOJOHGVM UIF #PBSE DPOUFYUVBMJTFT FBDI EFDJTJPO XJUIJO UIF GSBNFXPSL PG SFMFWBOU FDPOPNJD TPDJBM BOE FOWJSPONFOUBM DPOTJEFSBUJPOT .:&( IBT UBLFO QSPBDUJWF TUFQT UP FOIBODF JUT FOHBHFNFOU XJUI TUBLFIPMEFST JODMVEJOH BOBMZTUT GVOE NBOBHFST BOE TIBSFIPMEFST CPUI MPDBMMZ BOE JOUFSOBUJPOBMMZ VQPO SFRVFTU 5IFTF FOHBHFNFOUT TFSWF BT WJUBM QMBUGPSNT GPS GPTUFSJOH USBOTQBSFODZ GBDJMJUBUJOH EJBMPHVF BOE BEESFTTJOH DPODFSOT SBJTFE CZ TUBLFIPMEFST CORPORATE GOVERNANCE OVERVIEW (cont’d)
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