AwanBiru Technology Berhad - Annual Report 2021

5. OVERVIEW As part of its functions, the Risk Management Committee oversees the following:- a. Acting as Primary Champion of risk management at strategic and operational levels. b. Reviewing the on-going adequacy and effectiveness of the risk management process. c. Undertaking reviews of the consolidated risk register of major subsidiaries and associates within the Group to identify significant risks and whether these are adequately managed. d. Ensuring that the Board and Audit Committee receive adequate and appropriate information (including the annual Risk Report) for decision-making and review respectively. e. Commissioning, where required, special projects to investigate, develop or report on specific aspects of the risk management processes of the Company. In discharging its responsibilities, the Risk Management Committee is assisted by the Chief Operating Officer and Group Financial Controller and cross refer information and issues to ensure better monitoring of risks within the Group. The Risk Management Committee has assisted the Board to continuously review and improve the monitoring systems and processes. It continues to be proactive in highlighting corporate and strategic risk issues, and was open in discussing its views, concerns and/or reservations and provided guidance to Management on the risk controls to mitigate and/or pre-empt the risks. SUMMARY OF ACTIVITIES OF THE RISK MANAGEMENT COMMITTEE DURING THE FINANCIAL YEAR UNDER REVIEW Main Activities of the Risk Management Committee during the financial year under review are as summarised below:- Group Risk Management Framework Reviewed the adequacy of the Risk Management Framework to monitor the risk exposure across the Group to ensure that the risks are monitored and mitigated to improve the risk movements. Review of Group and Divisional Risks • Reviewed and assessed the Group’s and Divisional risk profiles and managed the significant financial and non-financial risks identified. • Deliberated the Group’s key operational risks and key controls taken to manage the risks. Additional mitigations to strengthen the management of existing and emerging risks were recommended for further action. • Reviewed the Risk Management Committee Report for inclusion in the Annual Report 2021. Risk Management Committee Effectiveness Review and Performance The Risk Management Committee continues to diligently exercise its risk oversight responsibilities by ensuring that risk management is an integral part of strategic planning and decision making for the achievement of the Group’s strategic outcomes and long-term objectives. This Report on Risk Management Committee was made in accordance with the approval of the Board on 29 September 2021. Risk Management Committee Report Awantec | Transparency Annual Report 2021 114