The Company has a robust Enterprise Risk Management (ERM) framework that helps build its secure and sustainable future by managing risks effectively and seizing opportunities for growth.
The Board, through the Risk Oversight Committee, provides oversight of the Company’s risk management activities and policies that govern the management of risks. The President and Chief Executive Officer, together with the executive officers, is primarily responsible for the implementation of risk management procedures and activities within the respective business processes. They are responsible for direction-setting and strategic decision-making.
The Company adopted ISO 31000 as its model for the ERM framework and has appointed a Risk Officer to lead the implementation of the ERM Policies and initiatives to integrate risk management practices into the strategic and operational processes of the Company.
ERM initiates the annual enterprise-wide assessment of the Company’s top risks. Designated risk owners are asked to develop risk treatment and mitigation plans to address potential issues. The results are discussed and presented periodically to the Company’s executive officers and the Risk Oversight Committee, respectively.
