163 GOVERNANCE RISK MANAGEMENT AND INTERNAL CONTROL STATEMENT INTRODUCTION The Board is pleased to present its Risk Management and Internal Control Statement (“Statement”) for FY2024 which has been prepared in compliance with paragraph 15.26(b) of the MMLR on an additional statement to state risk NBOBHFNFOU BOE JOUFSOBM DPOUSPM PG UIF $PNQBOZ 1SJODJQMF # PG UIF .$$( SFMBUJOH UP SJTL NBOBHFNFOU BOE JOUFSOBM DPOUSPM GSBNFXPSL BOE BT HVJEFE CZ UIF 4UBUFNFOU PO 3JTL .BOBHFNFOU *OUFSOBM $POUSPM (VJEFMJOFT GPS %JSFDUPST PG Public Listed Issuers (“the Guidelines”). This Statement outlines the nature and state of internal controls of the Group. BOARD’S RESPONSIBILITY The Board affirms its fiduciary responsibility to maintain a sound and effective system of risk management and internal DPOUSPM JO MJOF XJUI 1BSBHSBQI C PG UIF ..-3 BOE 1SJODJQMF # PG UIF .$$( 5IJT TZTUFN JT SFHVMBSMZ SFWJFXFE UP FOTVSF JUT DPOUJOVFE BEFRVBDZ JO TBGFHVBSEJOH TIBSFIPMEFS WBMVF QSPUFDUJOH UIF (SPVQ T BTTFUT BOE TVQQPSUJOH sustainable growth. 8IJMF .BOBHFNFOU JT UBTLFE XJUI JNQMFNFOUJOH B TZTUFN PG SJTL NBOBHFNFOU BOE JOUFSOBM DPOUSPM JU JT JNQFSBUJWF UP BDLOPXMFEHF UIF JOIFSFOU MJNJUBUJPOT PG TVDI B TZTUFN JODMVEJOH UIF QPTTJCJMJUZ PG IVNBO FSSPS DJSDVNWFOUJPO PG DPOUSPMT PS VOGPSFTFFBCMF SJTLT $POTFRVFOUMZ UIF TZTUFN JT EFTJHOFE UP QSPWJEF SFBTPOBCMF CVU OPU BCTPMVUF BTTVSBODF BHBJOTU NBUFSJBM NJTTUBUFNFOUT PQFSBUJPOBM GBJMVSFT GSBVE PS OPO DPNQMJBODF XJUI MBXT BOE SFHVMBUJPOT The Board’s oversight focuses on these critical areas: ensuring the risk management framework remains aligned with the Group’s business objectives and risk appetite; and continually monitoring the enhancement of controls to address emerging risks and operational changes. This comprehensive approach enables the Board to maintain effective PWFSTJHIU XIJMF TVQQPSUJOH UIF PSHBOJ[BUJPO T FWPMWJOH OFFET RISK MANAGEMENT FRAMEWORK 5IF #PBSE SFDPHOJ[FT UIBU FGGFDUJWF SJTL NBOBHFNFOU JT GVOEBNFOUBM UP UIF (SPVQ T PQFSBUJPOT "T TVDI SFTQFDUJWF )FBET PG %FQBSUNFOUT BSF SFTQPOTJCMF GPS JEFOUJGZJOH FWBMVBUJOH NBOBHJOH BOE NJUJHBUJOH CPUI FYJTUJOH BOE QPUFOUJBM risks related to their functions and departments on a daily basis. 5P FOTVSF DPOUJOVPVT SJTL PWFSTJHIU XFFLMZ NBOBHFNFOU NFFUJOHT BSF IFME BT B QMBUGPSN UP NPOJUPS BOE BEESFTT LFZ SJTLT JO B UJNFMZ BOE DPNQSFIFOTJWF NBOOFS %VSJOH UIFTF NFFUJOHT TJHOJàDBOU SJTLT BSF JEFOUJàFE EJTDVTTFE BOE appropriate control measures are communicated and implemented by Senior Management. 5IF 3.$ DPNQPTFE FOUJSFMZ PG *OEFQFOEFOU %JSFDUPST JT SFTQPOTJCMF GPS PWFSTFFJOH UIF (SPVQ T SJTL NBOBHFNFOU framework. It ensures the adoption of sound risk management practices across the Group’s operations and business BDUJWJUJFT 5P TVQQPSU UIF 3.$ JO JUT PWFSTJHIU SPMF )FBET PG %FQBSUNFOUT GSPN WBSJPVT GVODUJPOT BSF UBTLFE XJUI FWBMVBUJOH UIF FGGFDUJWFOFTT PG UIF (SPVQ T SJTL NBOBHFNFOU QSPDFTTFT JODMVEJOH BTTFTTJOH LFZ TUSBUFHJD BOE operational risks. The Heads of Departments conduct regular risk management activities and prepare quarterly risk assessment SFQPSUT $PODVSSFOUMZ UIF JO IPVTF JOUFSOBM BVEJU UFBN QFSGPSNT JOUFSOBM BVEJUT UP JEFOUJGZ TJHOJàDBOU SJTLT XJUIJO FBDI department. Both the Heads of Departments and the internal audit team present their findings to the Risk Management Committee (“RMCu EVSJOH RVBSUFSMZ NFFUJOHT GPS BTTFTTNFOU EJTDVTTJPO BOE OFDFTTBSZ BDUJPO 5IF $IBJSNBO PG the RMC oversees the Group’s risk management framework and presents key findings to the Board during scheduled meetings. Special meetings are convened as needed to address urgent risk-related matters. %VSJOH UIF àOBODJBM ZFBS VOEFS SFWJFX UIF )FBET PG %FQBSUNFOUT NFU XJUI UIF 3.$ PO GPVS PDDBTJPOT UP QSPWJEF updates on their respective departments’ quarterly risk assessment reports. These meetings facilitated in-depth EJTDVTTJPOT PO LFZ SJTL BSFBT BGGFDUJOH UIF (SPVQ FOBCMJOH UIF JEFOUJàDBUJPO BOE JNQMFNFOUBUJPO PG BQQSPQSJBUF SJTL management strategies to mitigate potential risks effectively. 5IF SJTL NBOBHFNFOU QSBDUJDFT PVUMJOFE BCPWF DPOTUJUVUF BO POHPJOH QSPDFTT EFTJHOFE UP JEFOUJGZ FWBMVBUF NJUJHBUF and manage significant risks that may impact the Group’s ability to achieve its corporate objectives. This process remain is effect throughout the financial year under review and continues up to the date of the Board’s approval of this Risk Management and Internal Control Statement.
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