134 AL-SALAM REIT The discussions relating to ERM, and risk profiles are carried out through the ERMC which sits every quarter. In 2022, the Board Executive Committee is also responsible for the function of the ERMC since the CEO position is vacant since 1 July 2022. The roles and responsibilities of the BARC, the ERMC and other key personnel are summarised as below: The Board and the BARC Responsibilities Governing overall risk oversight responsibility including defining the appropriate governance structure and risk appetite. Process • A rticulates and provides direction on risk appetite, organisational control environment and risk culture. • P rovide an independent view on specific risk and control issues, the state of internal controls, trends and events Internal Audit Responsibilitiew • P rovide independent assurance design and effectiveness on an organisation’s risk management, governance and internal control processes are operating effectively. • Assurance about design and effectiveness Process Perform risk-based internal audit and independent reporting to Management and BARC ERMC/ Compliance & Risk Management Department Responsibilities • O versees the operationalisation of risk management strategies as well as frameworks and policies. • Independent reporting to the management and BARC • Advisor to Business Line Management/ Risk Owners Process Monitors the consistent enforcement of ERM policy, reviews and endorses risk parameters, risk appetite, risk profile, and treatment options and risk action plans. Business Line Management/ Risk Owners Responsibilities • The Senior Management are primarily responsible for managing process, • T hey are also responsible for controlling risks by using business control and compliance frameworks, implementing internal control processes and adequate control • M anage day-to-day risk inherent in business activities as guided by the established risk strategies, frameworks, and policies Process Identification and assessment of risk, implementation, and monitoring of risk action plans. The periodic reporting to both the Board and BARC on the risk management activities undertaken by the ERM Committee, to keep the Board and the BARC apprised and advised of all aspects of the enterprise risk management, and significant risks and risk trends.. STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL
RkJQdWJsaXNoZXIy NDgzMzc=