BIMB Integrated Annual Report 2017

CORPORATE GOVERNANCE OVERVIEW STATEMENT OVERVIEW OF 2017 During the year under review, six (6) BRC meetings were held. Apart from the members of the BRC, the BRC is also attended by the Chief Executive Officer, the Chief Strategy Officer, the Group Chief Financial Officer and the Group Company Secretary as well as the Chief Risk Officer of each key operating subsidiaries. The Chairman of the BRC updates the Board on key matters deliberated at the BRC’s meetings. In addition, minutes of the BRC meetings are tabled to the Board for notification. Any members of the Board may enquire or seek clarification on the matters deliberated by the BRC as recorded in the minutes. The BRC activities in the year under review are summarised below: • Deliberated the Group’s strategic risks and the corresponding key operational risks as well as key controls taken to manage the risks. Further mitigations to strengthen the management of existing and emerging risks were recommended for Management’s action; • Deliberated the risk management dashboard/stress tests tabled by the key operating subsidiaries; and • Reviewed reports on risk incidents which occurred in the financial year and deliberated the adequacy and effectiveness of preventive and corrective actions taken. RISK MANAGEMENT In order to support the BRC, the GRMC is responsible for the ongoing development and co-ordination of the Company’s risk management framework in the Group. GRMC is also responsible to consolidate, assess and report risk information from across the Group. It ensures the implementation of the risk management process across the Group. The Company risk management process is a step-by-step process of risk assessment (risk identification, risk analysis and risk evaluation) and risk treatment in the context of the internal and external environments. The GRMC, which meets six (6) times a year, collates and reports the Group’s credit, market as well as operational risk profiles. Emerging issues and risks are also deliberated in the meetings and further action is taken by the relevant key operating subsidiaries. The BRC continues to diligently exercise its risk oversight responsibilities by ensuring that risk management is an integral part of strategic planning and decision-making for the achievement of the Group’s strategic outcomes and long-term objectives. The BRC is satisfied that it has discharged its responsibilities in accordance with its mandate and TOR. This report was made in accordance with the resolution of the Board of Directors dated 28 March 2018. 138 BIMB HOLDINGS BERHAD Integrated Annual Report 2017