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Risk Governance

Risk Management and Audit Committee

The Risk Management and Audit Committee (“RMAC”) has constantly played a key oversight role for the Board of Directors during the year.

The committee’s responsibilities include the following:

  • Provide that risks are reviewed and managed to an acceptable level in the business;
  • Regularly ensure that all internal systems and procedures are designed to provide ongoing assurance that the assets are safeguarded; and
  • Monitor transactions and make sure they are executed and recorded in accordance with the Company’s policy.

Five committee meetings were held during the year, and the key areas of focus were as follows:

During the year, the Chairman of the RMAC and the Head of Internal Audit and Risk Management discussed the material risks with the external auditors at planning stage of the statutory audit. Significant accounting policies were also discussed. The committee has provided assurance to the Board of Directors on a quarterly basis.

Composition

The RMAC consists of 4 members, both independent and non-independent directors.
The Chairman of the committee is also an independent director. The only change in the composition was the appointment of a new member during the year. The average tenure of the members is 3 years and all members are financially literate.

  • The members of the committee are:
  • Dean LAM (Independent Chairman)
  • Pierre Yves PASCAL (Independent Director)
  • Damien MAMET
  • Belinda VACHER

The committee is well diverse in terms of age, tenure, and gender.

Risk Governance
Structure

The ultimate responsibility for risk governance lies with the Board of Directors.

The risk governance structure is disclosed on the website and is supported by the four lines of defence as follows:

1. People, Process & Technology

Responsible Parties

Property & Asset Manager - EnAtt
Fund Manager - Rogers
Other service providers: Meritts & Brinks

Description

  • Controls operated by employees of service providers at corporate office
    and in Malls and are guided by established operating procedures.
  • Automated system controls
2. Management & Oversight

Responsible Parties

Property & Asset Manager - EnAtt
Fund Manager - Rogers
Other service providers: Meritts & Brinks

Description

  • Health & Safety checks are carried out by the ENL Group Health & Safety Officer and MERITTS (professional consulting firm)
3. Internal Audit

Responsible Parties

Rogers

Description

  • Independent audit team reports the main areas of risks to the RMAC
4. External Assurance

Responsible Parties

External auditor - EY
Independent Valuer: Mills Fitchet

Description

Assurance provided by independent experts:

  • External Auditor: Financial statements & Internal control environment
  • Independent Valuer: Fair value of investment properties

Internal Audit

The three-year Internal audit plan covered significant risk areas for the FY 2019-2021. The three-year plan for FY 2022-2024, which is a risk-based plan was reviewed and approved by the RMAC. The plan incorporates the changes in the risk landscape and focus is placed where risks are significant or anticipated to increase.

Significant risk areas covered in the FY 2019-2021 and planned for FY 2022-2024 are as follows:

Areas Covered

Effectiveness of Internal audit recommendations

A regular follow-up is performed on the implementation of recommendations following issue of internal audit reports. At end of the financial year, progress made on implementation was as follows:
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