Press Metal Annual Report 2024

Integrated Annual Report 2024 SECTION 4 • EFFECTIVE STEWARDSHIP THROUGH GOOD GOVERNANCE 85 Risk Management Committee The RMC was established to assist the Board in providing oversight, direction and counsel on the overall risk management process, establishing and reviewing the risk management framework, process and responsibilities as well as assessing whether they provide reasonable assurance that risks are managed within tolerable limits. The specific duties of the RMC are as follows: 1. Review the adequacy of the scope, function, authority and resources of the Risk Management Department; 2. Provide oversight, direction and counsel to the risk management process to ensure that appropriate risk management policies, framework and processes are implemented; 3. Review the Group’s risk profile and ensure that potential significant risks, including ESG risks that are outside tolerable ranges are addressed with appropriate and effective preventive and mitigation actions; 4. Monitor and evaluate the risk profile and risk appetite of the Group; 5. Review and monitor the integration of ESG risks into the Group’s risk management framework; and 6. Conduct review of the Group’s Risk Management Policy and Framework periodically or in response to an event or change in circumstances. The RMC holds quarterly meetings to review the key risks and, at the same time, ensure that mitigation plans are in place to manage such risks. Key risks and relevant controls identified for 2024 are as detailed in the Managing Our Risks and Opportunities Effectively on pages 33 to 36. The adequacy and effectiveness of the controls and the robustness of the mitigation actions are also addressed. The Group recognises the importance of the identification and assessment of ESG including climate-related risks and has included them as part of the Enterprise Risk Management process. This is to strengthen the resilience of the Group in achieving its long-term business objectives amidst the challenges associated including those of climate change. The SC reports to the RMC on sustainability risks as a coordinated approach for the Company’s long-term sustainability plan. The Company has a Risk Management Policy which guides the overall best practice of identifying, evaluating, managing, reporting and monitoring the evolving risks faced by the Group and specific measures to mitigate these risks. The emphasis is to effectively reduce the impact of risks, respond to immediate risk events and recover from any material business disruption to ensure continuity and sustainability of key business activities and achievement of business objectives. Risk Management Department The Risk Management Department (“RMD”) assists the Board and RMC in discharging their risk management responsibilities. RMD is structured to provide adequate support to the Head Office and Business Units with regard to risk management implementation and monitoring. The RMD is mainly responsible for the following: 1. Outlining the strategic framework to guide the priorities and direction of the Group’s risk management activities; 2. Developing the appropriate risk management guidelines; 3. Monitoring risk exposure and tolerance limits across the Group; 4. Providing the necessary guidance and support for the risk management activities of the Group; and 5. Assessing the effectiveness of the preventive and mitigating controls implemented. The RMD continuously enhances the risk reports with guidance from the RMC members. The Risk Dashboard and Key Risk Indicators are tools that assist the Management and Board members in focusing on the Group’s key risks. Statement on Risk Management and Internal Control

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