90 / 220
8 6
Corporate GovernanCe
The ERM assessment was conducted through a combination of workshops and interviews involving the senior management
and the key enterprise risks faced by the Group’s business units are then reported to the Audit Committee annually. The
workshops and interviews conducted have generated the following reports:
⊲
Detailed Risk Register
⊲
Risk Parameters
⊲
ERM Report
These reports were summarised as risk profile and provide the basis for the following:
⊲
Business action plans and improvement strategies;
⊲
Developing cost effective control strategies; and
⊲
Prioritisation of areas for operational audit.
All subsidiaries within the Group will update and present their risk profiles to the RMC on an annual basis for the RMC’s review
and approval.
An overview of the Group’s risk assessment process is depicted as follows:
STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL
mo n i t o r i n g & r e v i e w
c o n s u ltat i o n & c ommu n i c at i o n
r i s k a s s e s s m e n t
• Identify existing controls & actions to mitigate risks
• Determine inherent & residual risk ratings
• Determine date to implement risk mitigation actions
Risks
Profile &
Parameter
Treat risk
Evaluate
risk
Analyse
risk
Identify
risk
Define
processes/
activities/
objectives