The Board is responsible for and is highly concerned with the Group’s risk management and internal control systems and reviews their effectiveness annually. In meeting its responsibility, the Board seeks to increase risk awareness across the Group’s business operations and has put in place policies and procedures, including parameters of authority delegation. Such systems are designed to prudently manage the Group’s risks within an acceptable risk profile and provide reasonable assurance against material misstatement or loss. The Board has delegated to management the implementation of the risk management and internal control systems as well as the review of the relevant financial, operational, compliance, risk management and internal control procedures.
The management under the supervision of the Board has established an ongoing process for identifying, evaluating and managing the significant risks faced by the Group and this process includes updating the risk management and internal control framework when there are changes in business, external environment or legal and regulatory guidelines.