| At Singtel, we have identified the following key areas of focus as part of our
commitment to sustainability and responsible business practices: |
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| Corporate governance, ethics and
fraud prevention |
Major control initiatives across the businesses have been implemented, including prevention, detection and reporting of fraud, and applying the Group’s zero tolerance policy across all levels in the company.
The adoption of the Fraud Investigation and Whistleblower Protection Policy in Singtel, along with our whistleblower programme, provides robust internal controls for our fraud risk management.
Fraud and control awareness training programmes were conducted throughout the year to broaden the education and awareness of our people on fraud risk and the mitigating measures. The e-Learning module was launched in July 2013 to encourage our people to refresh their knowledge at their own convenience.
Other training programmes and briefings conducted included Fraud and Risk Management (understand the internal audit and processes), Orientation and Fraud Awareness (promote fraud awareness among frontline officers), Governance and Risk (understand industry trends and internal controls) as well as Fraud Awareness and Understanding the Ethics Line (run by our whistleblower hotline service provider). Over 80% of our workforce completed fraud awareness training via
e-Learning in FY2014. |
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Singtel did not have any substantiated incident of corruption during the reporting period. There was, however, a fraud case involving a Singtel retail executive who misappropriated mobile phones worth over S$100,000 from one of our retail shops. A thorough internal investigation was conducted and in accordance with Singtel’s zero tolerance approach to fraud, the service of the staff member was terminated and the case was reported to the Police. This person was subsequently convicted and sentenced to 18 months imprisonment for criminal breach of trust.
More information on Singtel’s corporate governance can be found in our Annual Report FY2014. |
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| Risk management |
A dedicated Board Risk Committee was established by the Board of Directors to assist in its responsibilities relating to the governance of risk for Singtel and our subsidiaries.
This has provided an increased focus and a more integrated Group-wide perspective in relation to the oversight of material risks. The committee’s responsibilities include ensuring that Management maintains a sound system of risk management and internal controls to safeguard shareholders’ interests and the Group’s assets. It is also tasked with determining the nature and extent of the material risks which the Board is willing to take in achieving the Group’s strategic objectives.
Day-to-day Singtel’s Risk Management operates within a robust framework. The company undertakes a continuous process of risk identification, monitoring, management and reporting of risks throughout the organisation to provide assurance to the board, its Risk Committee and other interested stakeholders. The current materiality review will also provide additional lenses to our Enterprise Risk Management framework by considering material risks in terms of long-term sustainability as well as material concerns by our external stakeholders.
Detailed information on our risk management process can be found in our Annual Report FY2014. |
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