The Group strives to apply the highest standards of risk management to minimize, monitor and control the probability or impact of unfortunate events and maximize the realization of opportunities.
The Risk Management Committee in Salcon is guided by the Integrated Risk Management Policy, which is in compliance with ISO 31000 and applies to all of our operations in the Group. The committee consists of 2 directors and 3 senior management personnel from non-Audit Departments who report to the board on risk management issues.
Guided under the Integrated Risk Management Policy & Audit Charter, the Risk Management Department will identify, analyze, evaluate, follow up and report on any non-compliance issues in the Group. We also commit to regular rotation of auditors for a neutral audit process and seek shareholders' approval to re-appoint the same audit firm to conduct the Group's accounts audit.
Risk management assessments will be conducted before starting a new project to analyze the potential risk factors and are submitted to the Board for consideration to facilitate the decision making process. The risk management scorecard is also being reviewed on a half-yearly basis by the Internal Audit & Risk Management Department.