153 CORPORATE GOVERNANCE Analysis Identification & Risk Assessment: ENTERPRISE RISK MANAGEMENT FRAM I Momnitoring Action Mitigation MEWORK mplementation Action Mitigation Monitoring Continuous Awareness/ Sharing Ses M PROCESS ERM Upskilling I Competency I Continuous Education I ssion ERM EDUCATION Enterprise Risk Management ("ERM") Framework The framework was designed towards a sound system of risk management and internal control which are responsive to changes in the business environment, industrial trends, and the governance eco-system. The objectives of ERM Framework are to ensure: • A common and consistent approach for the management of risks is adopted within DRMSB • The management of risk contributes to the quality of performance and continuous improvement of DRMSB businesses, its operations, and delivery of services and products; and • All significant risks are identified, evaluated, managed, and reported in a timely manner. The above objectives will be achieved via: • Periodic reporting to the BARC/ Board on risk management activities and keep the Board apprised and advised of all aspects of ERM and significant individual risks and risk trends; • Provision of adequate and suitable resources, including tool(s) and manpower to ensure the ERM framework and system are operating effectively; • Provision of adequate education and communication to ensure staff comprehend the requirements, benefits, and their role and responsibilities for risk management; and • Maintaining documented risk information (via risk registers and risk action plans) and procedures for the control of risks. - Vision/Mission Governance & Compliance - Board/Management Policies - ERM Reporting Structure & Frequency - ERM Roles & Responsibilities - Risk Appetite Parametres - Digitalisation - Strategic Planning - Budgeting - Policy Development Acquisitions/ Investment And Asset Disposals - Performance Management - Building And Asset Management - Integrity - ESG - Business Continuity Management ERM INTEGRATION GOVERNANCE STRUCTURE STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROLS
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