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An overview of the Group’s risk assessment process is depicted as follows:
RISK ASSESSMENT
• Identify existing controls & actions to mitigate risks
• Determine inherent & residual risk ratings
• Determine date to implement risk mitigation actions
Risks
Profile &
Parameter
Treat
risk
Evaluate
risk
Analyse
risk
Identify
risk
Define
processes,
activities
& objectives
monitoring & review
consultation & communication
Broad risk area
Sub-broad risk
Key mitigation measures
Business and operational sustainability
Local and global competition, economic
slowdown factors and invasion/demonstration
by the local community due to conflict or
cultural belief adversely impact the business
operations.
Losing market share,
business
interruption,
products pricing and
marketing.
• Monitoring of market/economic conditions.
• Strategic business plan based on market
conditions.
• Key marketing strategy for each division.
• Consistently participate in the local meetings
conducted by the community or authority
to ensure the company or community (vice-
versa) is well updated and informed about any
changes or new information or development.
Environment
Local and global weather patterns, natural
disasters, diseases or crop pests and
stringent environmental and conservation
regulations.
Affect the production due to
a lower supply of materials;
production efficiency and
product quality.
• Constructed a flood mitigation system at the
flood prone areas.
• Establishing a safe wildlife corridor animals to
ensure they do not wander off into communal/
estate areas.
• Continuous manuring and pest and disease
preventive and corrective programmes.
Compliance
Internal and external regulatory requirements.
Regulatory.
• Constant monitoring for each department,
division and Group.
• Regular review in operational audit
programme.
• Continuous updating of new regulatory
requirement.
STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL
The top five (5) risk factors of the Group after considering its likelihood and its impact from both financial and/or non-financial
standpoint are as follows: