Enterprise Risk Management

A Risk Management Committee is an integral part of the Company’s Structure. The Committee ensures that the Board, directors, and the management are aware of all actual and potential risks, both internal and external, facing the business and that a system to identify, monitor and assess risk is implemented and effective.  The Risk Management Committee shall be composed of three (3) directors, the Chairman of which shall be an Independent Director. 

The Risk Management Committee shall be guided by the following:

  1. Quarterly review of the Company’s business must be done for risk identification, mitigation and monitoring;
  2. There should be consistency and best practices rules in the managing, monitoring and reporting of risks;
  3. Some risks may be beneficial to the Company if properly managed and controlled;
  4. Risk-taking should be an informed process within a pre-determined range;

Control System Set Up

The Risk Management Committee shall operationalize a Risk Management Program which shall be guided by the following:

  1. Establish risk profile and determine external and internal factors which can influence the Company’s risk profile;
  2. Identify and characterize specific threats/ risks;
  3. Assess the vulnerability of critical assets to specific threats/ risks;
  4. Determine the risks (i.e. expected likelihood and consequences of specific threats/ risks on specific assets;
  5. Identify ways on how to minimize said threats/ risks;
  6. Prioritize risk reduction measures based on strategy;
  7. Implement and monitor
  8. Assess effectiveness, conduct reviews and evaluation and make necessary adjustments