Page 87 - S P Setia Annual Report 2016
P. 87

S P Setia Berhad Group                                 Our Business | Our Performance Review | Our Leadership and People   85
          Annual Report 2016                                        | Our Achievements and Accolades | Our Sustainability Statement
                                                                   | Our Governance | Our Financial Statements | Other Information



                  Statement of Risk Management and Internal Controls




                The Board is ultimately responsible for establishing and maintaining

           appropriate risk management and internal control systems for the business
              of the Group and for assessing their effectiveness regularly. To achieve

             this, the Board ensures that there is a robust framework of ongoing risk
           management processes in identifying, evaluating and managing significant

          risks faced by the Group to promote the long-term success of the Company.
          Our Board has delegated the responsibility for overseeing the adequacy and

            effectiveness of risk management and internal control systems to the Risk
                           Management Committee and the Audit Committee.





          The Statement on Risk Management and Internal Control was prepared pursuant to paragraph 15.26(b) of Bursa Malaysia Securities Berhad
          (“Bursa Securities”) Main Market Listing Requirements (“Main LR”) and guided by the Statement on Risk Management and Internal Control:
          Guidelines for Directors of Listed Issuers (“the Guidelines”).


          Our risk management framework is guided by the model of “Three Lines of Defence” as shown below:








                                               BOARD OF DIRECTORS                                          BOARD LEVEL




                             RISK MANAGEMENT COMMITTEE                        AUDIT COMMITTEE



                                MANAGEMENT RISK TEAM

                                                                               RD
                    1  LINE OF DEFENCE:         2  LINE OF DEFENCE:           3  LINE OF DEFENCE:        LEVEL  MANAGEMENT
                                                 ND
                     ST
                   BUSINESS UNITS                     RISK                        GROUP
                   SUPPORT UNITS                MANAGEMENT                  INTERNAL AUDIT
   82   83   84   85   86   87   88   89   90   91   92