Risk Management Philosophy and Approach

We identify and manage risks to reduce the uncertainty associated with executing our business strategies and maximise opportunities that may arise. Risks can take various forms and can have material adverse impact on our reputation, operations, human resources and financial performance.

We have established a comprehensive risk management framework approved by our Risk Committee. The risk management framework sets out the governance structure for managing risks, our risk philosophy, risk appetite and tolerance levels, our risk management approach as well as risk factors.

In addition, our risk assessment and mitigation strategy is aligned with our Group strategy and an integral part of the annual business planning and budgeting process.

Governance Structure for Managing Risks

THE BOARD

  • Instils culture and approach for risk governance
  • Provides oversight of risk management systems and internal controls
  • Reviews key risks and mitigation plans
  • Determines risk appetite and tolerance
  • Monitors exposure

RISK COMMITTEE

  • Reviews and recommends risk strategy and policies
  • Oversees design, implementation and monitoring of internal controls
  • Reviews adequacy and effectiveness of the Group’s risk framework
  • Monitors the implementation of risk mitigation plans

AUDIT COMMITTEE

  • Reviews adequacy and effectiveness of the Group’s internal control framework
  • Oversees financial reporting risk for the Group
  • Oversees internal and external audit processes
  • Monitors exposure

MANAGEMENT COMMITTEE

  • Implements risk management practices within all business units and functions

RISK MANAGEMENT COMMITTEE

  • Supports the Board and Risk Committee in terms of risk governance and oversight
  • Sets the direction and strategies to align risk management and monitoring with the Group’s risk appetite and tolerance
  • Reviews the risk assessments carried out by the business units
  • Reviews and assesses risk management systems and tools
  • Reviews efficiency and effectiveness of mitigation and coverage of risk exposures
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