II. Anti-Corruption Risk Assessment All operations underwent a comprehensive evaluation in FY2023 which was conducted against 15 identified corruption risks. We achieved 100% coverage across five vital departments within the Manager. By subjecting our operations to an external assessment, the REIT reinforces transparency and mitigates corruption risks across various facets of our organisational structure. REGULATORY COMPLIANCE AND RISK MANAGEMENT Regulatory compliance and risk management are integral to sustaining the trust, reputation, and operational resilience of the REIT. Adherence to regulatory frameworks is crucial for keeping our operations within legal boundaries, fostering trust among stakeholders and safeguarding against legal repercussions. Effective risk management facilitates the identification, assessment and mitigation of threats that could impact financial performance, reputation and overall business continuity. Our Approach The Manager manages a compliance report outlining the requisites of various acts, risk treatment, mitigation plans and risk ratings to ensure the REIT adheres to pertinent legal and statutory requirements. Upholding compliance also involves training sessions on legal requirements, seeking professional legal advice and conducting internal audits through external consultants to maintain objectivity. Equally vital is the compliance of tenants with stipulated legal mandates and agreements, such as the Uniform By-Laws 1984 and the Fire Services Act 1988. Al-Salām REIT communicates these obligations to tenants through notifications and organises monitoring sessions for departments, contractors and consultants to ensure regulatory adherence. Additionally, the REIT requests insurance cover notes for property protection, maintains a manual notification planner for license renewals supervised by the Building Manager, and keeps the Board abreast of legal and secretarial updates for regulatory awareness. These initiatives are communicated internally through meetings and briefings, and externally through Annual General Meetings, analyst briefings, the REIT's corporate website and annual reports. Our Performance Risk management oversight is entrusted to the Board Audit and Risk Management Committee ("BARC"), with support from the Enterprise Risk Management Committee ("ERMC"). These committees embed risk management into the Manager's daily operations, encompassing the identification of risk parameters, appetite, profiles, treatment options, action plans and indicators. 72 AL-SALĀM REIT ROBUST CORPORATE GOVERNANCE ANNUAL REPORT 2023 • Fraud • Procurement Practices • Bribery & Kickbacks • Collusion • Government Interaction • Conflict of Interest • Facilitation Payments • Embezzlement • Gifts, entertainment & hospitality • Recruitment • Charitable and political donations, sponsorship • Cyber Corruption • Money Laundering • Country of Operation ZERO reported cases of corruption and bribery Source: Corporate Services
RkJQdWJsaXNoZXIy NDgzMzc=