RESPONSIBILITY

The Board and the Company strive to ensure a sound system of risk management and internal control to safeguard the shareholder's investments and the company's assets.

The risk management and internal control system is designed to enable the Group to manage rather than to eliminate risks. The Board acknowledges that risks cannot be completely eliminated and the system can only provide reasonable and not absolute assurance against material misstatement, loss and fraud.

The risk management and internal control system continuously identify, evaluate and manage the significant risks faced by the Group and was in place for the financial year under review up to the date of approval of the annual report.

The processes within the internal control system are regularly reviewed by the Board and are in accordance with the guidance as contained in the Statement on Risk Management & Internal Control - Guidance for Directors of Listed Issuers.

The Board has received assurance from the Chief Executive Officer and the Chief Financial Officer that the Group's risk management and internal control system is operating adequately and effectively, in all material aspects, based on the risk management and internal control system of the Group.

The Board is of the view that the risk management and internal control system in place for the year under review and up to the date of issuance of the financial statements is adequate and effective to safeguard the shareholders' investment, the interests of customers, regulators and employees, and the Group's assets.


KEY PROCESSES

The key processes that have been established by the Board in reviewing the adequacy and effectiveness of the risk management and internal control system include the following:

The Group's internal audit department conducts regular reviews of business processes to assess the adequacy and effectiveness of the risk management and internal controls and highlight significant risks impacting the Group.
The internal audit department reports to the Audit Committee who regularly reviews and holds discussions with the internal audit department and management on the findings and recommendations in reports prepared by the internal audit department.
The Board receives and reviews regular reports from management covering the financial performance and key business indicators of various business operating units.

 
 
 
 
   
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