In addition, the Group provides updates to the Group Risk Management Department of Boustead Holdings Berhad on significant risks faced by the Group, existing control measures and proposed action plans on a quarterly basis for attention and deliberation purposes. Note: The key risks can be viewed under section Risk and Mitigation on pages 57 to 59 of this Integrated Report. The Role of Management The Board is assisted by the Management in ensuring that risk management practices are implemented within the Group. The Management has established the Management Risk Committee (MRC) to provide a platform at the management level to review the effectiveness of the risk management framework in identifying and managing risks and internal processes. The main roles and responsibilities of the MRC are as follows: • To review and recommend the overall risk management strategies, framework and policies for RC’s consideration and approval; • To ensure key risks are identified, adequately measured and risk action plans are prepared and monitored accordingly; • To identify and communicate the critical risks (present or potential), their changes and the management’s action plan to manage the risks. • To monitor consistent enforcement of ERM practices across the Group; • To ensure that ERM reports are discussed, and actions are implemented on a timely basis; and CORRUPTION RISK MANAGEMENT The Group continues its commitment to governance excellence and regulatory compliance through its implementation of a robust set of Adequate Procedures. This effort aims to safeguard the organisation, particularly in light of the potential implications of Section 17A of the Malaysian Anti-Corruption Commission Act 2009 (Amendment 2018) (MACC Act). A comprehensive Corruption Risk Assessment (CRA) is conducted annually, designed to identify and address potential risks related to corruption, integrity, and governance within the Group’s operations. The outcomes of the CRA are reported to both the MRC and the AC on a quarterly basis, demonstrating our dedication to transparency and accountability in managing critical areas within the Group. INTEGRITY AND ANTI-CORRUPTION The Group maintains an Anti-Corruption and Anti-Bribery Policy, underscoring its zero-tolerance stance against all forms of bribery and corruption. This policy reflects the Group’s unwavering commitment to comply with relevant laws pertaining to anti-bribery and anti-corruption. Employees and the public are provided with a safe and confidential platform to report any instances of improper conduct that could jeopardize the Group’s reputation and that of its stakeholders. Our relentless advocacy for reporting improper conduct, through various publications and engagement sessions, has fostered trust among employees throughout the Group. In a bid to fortify our internal controls, the Group has conducted a comprehensive review of pertinent policies and procedures governing critical processes. The enhancements made to these protocols aim to strengthen control measures and mitigate risks associated with bribery and corruption across our critical functions. Furthermore, BPlant headquarters, along with 13 estates and 1 palm oil mill, obtained certification for ISO 37001:2016 Anti-Bribery Management System (ABMS) on 8 February 2023. This certification underscores our steadfast commitment to promoting ethical conduct across all business operations, reaffirming our dedication to integrity and anti-corruption efforts throughout the organisation. Integrated Report 2023 119
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