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Reliance Pacific Berhad
244521
A
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Annual Report 2014
1.0
Introduction
The Board of Directors (“Board”) acknowledges that a robust
system of internal controls intertwined with risk management
and corporate governance is an integral success factor to protect
and enhance shareholders’ value and the financial performance
of the Group. Therefore the Board upholds its commitment
to continuously improve and maintain a sound system of risk
management and internal controls encompassing financial and
operating activities.
In accordance with the Statement on Risk Management and
Internal Control (“Statement”) guidelines issued by Bursa
Malaysia Securities Berhad, the Board is pleased to present
the following statement which outlines the respective activities
undertaken by the Group to validate the adequacy and integrity
of the risk management and internal control system.
2.0
Board’s Roles and Responsibilities
In the pursuance of corporate objectives and goals, the Board
affirms its fiduciary responsibilities for providing reasonable
assurance on the adequacy and effectiveness of the Group’s
risk management processes and internal controls. The
Management and Audit Committee are entrusted by the Board
with the overall responsibility for identifying and assessing
key business risks as well as implementing and monitoring
appropriate control measures to manage these risks. The Board
acknowledges that the risk management and internal control
system must continue to evolve in order to support the size and
diverse business operations of the Group in tandem with the
challenging global business environment.
3.0
Risk Management
The Group’s risk map addresses principal risks faced to achieve
strategic, financial, operational and other corporate objectives.
There is in place, an ongoing risk assessment process appropriate
for its operations together with policies and procedures on :-
a) identification, assessing, managing, monitoring and reporting
of potential risks which impact attainment of corporate and
business objectives.
b) roles and responsibilities of each line manager in responding to
and managing risks in a responsible and efficient manner.
Statement on RiskManagement
and Internal Control