133 ANNUAL REPORT 2022 RISK MANAGEMENT AND INTERNAL CONTROL Risk Management The Board fully supports the contents of Principle B of the MCCG which calls for the establishment of an effective risk management and internal control framework and the disclosure thereof. The oversight role of risk management is carried out by the Board and BARC and assisted by the ERMC. Mandate and commitment from the Board and BARC are key contributors to the success factors in the implementation of enterprise risk management programmes. The Board and BARC set the strict direction for risk roles, responsibilities, and risk reporting structures. The BARC is assisted by the ERMC, which is headed by the CEO, and respective heads of department. The function of the ERMC is to drive risk management guided by the ERM Policy and Framework to ensure effective identification of emerging risks and management of identified risks through the implementation of appropriate controls and risk treatment strategies. Risk owners who are also ERMC members are managers or heads from the divisional units to identify and evaluate the risks related to their business objectives or budgets against which performance is measured and to establish the risk profiles categorised under Strategic, Financial, Operational and Compliance Risks. BOARD OF DIRECTORS CONTEXT FRAMEWORK GOVERNANCE CHIEF EXECUTIVE OFFICER ENTERPRISE RISK MANAGEMENT FRAMEWORK STRATEGIC RISK MARKET RISK PARTNERSHIP RISK FINANCIAL RISK OPERATIONAL RISK COMPLIANCE RISK ESG RISK Enterprise Risk Management Committee Internal Auditor External Auditor BOARD INVESTMENT COMMITTEE BOARD AUDIT AND RISK COMMITTEE BOARD NOMINATION AND REMUNERATION COMMITTEE STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL
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