OTHER KEY ELEMENTS OF INTERNAL CONTROLS (CONT’D) The following are the key elements of the Group’s internal control systems: (cont’d) iv. Documented internal policies: Internal policies are formally documented and distributed across various departments through memorandums. These policies provide clear guidance on operational procedures and compliance requirements. v. Whistle Blowing Policy: The Group has implemented a Whistle Blowing Policy that offers employees a secure and confidential platform to report suspected malpractices, misconduct, or violations of company policies and regulations. This initiative promotes a culture of transparency and accountability within the Group. ASSURANCE The Board, supported by assurances from the Group Managing Director, Chief Financial Officer, and other relevant assurance providers, expresses confidence in the effective and efficient functioning of the Group’s risk management and internal control processes in all material aspects. This confidence provides reasonable assurance that the Group’s assets are safeguarded, and the interests of shareholders and customers are protected. However, it is important to recognise that every risk management and internal control system has inherent limitations. While these systems are designed to mitigate risks, they cannot provide absolute assurance against material misstatements, losses, contingencies, fraud, or irregularities. Despite these limitations, the Board remains committed to continuously improving and strengthening the Group’s risk management and internal control framework to mitigate potential risks and uphold the highest standards of governance and accountability. CONTINUOUS ASSESSMENT AND ENHANCEMENT The Board acknowledges that the effectiveness of the Group’s risk management and internal control systems requires perpetual vigilance. To ensure these frameworks remain robust amidst an evolving business landscape, the Board is committed to: • Proactive oversight – maintaining continuous monitoring of the Group’s risk profile and internal control environment. • Regular benchmarking – periodically reviewing and refining practices to ensure they remain aligned with industry best practices and regulatory requirements. • Dynamic adaptation – ensuring that internal controls evolve to address emerging risks, technologies shifts, and operational changes. These ongoing efforts are designed to ensure that the Group’s risk management and internal control practices remain relevant and effective in addressing the evolving risks faced by the organisation. Through proactive and vigilant measures, the Board aims to uphold the highest standards of governance and protect the Group’s assets as well as long-term interests of all stakeholders. RISK MANAGEMENT AND INTERNAL CONTROL STATEMENT (cont’d) 188
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