Corporate Governance Report

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Intended Outcome
Companies make informed decisions about the level of risk they want to take and implement necessary controls to pursue their objectives.

The board is provided with reasonable assurance that adverse impact arising from a foreseeable future event or situation on the company’s objectives is mitigated and managed.

Practice 9.2
The board should disclose the features of its risk management and internal control framework, and the adequacy and effectiveness of this framework.

Application Applied
Explanation on application of the practice The Board recognises the importance of internal controls system which incorporates risk management practices over financial, operational and compliance matters.

Regular reviews are conducted by the Group’s outsourced independent internal audit function to identify, evaluate, monitor and manage material risks affecting the business and ensure that adequate and effective controls are in place.

The findings of the internal audit function are regularly reported to the Risk Management Committee and Audit Committee. The Group adopted the control principles as advocated by the Committee of Sponsoring Organisations of the Treadway Commission, commonly known as COSO framework.

Further details in relation to the key internal control procedures and processes are outlined under Statement of Risk Management and Internal Control of the Annual Report 2017.

Explanation for departure  
 
Large companies are required to complete the columns below. Non-large companies are encouraged to complete the columns below.
Measure  
Timeframe    

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