"Ascencia has implemented disciplined and appropriate risk management practices during its growth period, which enables management to remain vigilant, respond efficiently and be resilient in times of crisis."
Risk Management
Framework
The Risk Management Framework and process is as follows:
The two main service providers namely EnATT Ltd (the Property & Asset Manager) and Rogers & Company Ltd (the Fund Manager) are responsible for risk management on a day to day basis. Risks related to the main service provider which may impact Ascencia are reviewed and reported to the Risk Management and Audit Committee (RMAC).
Other service providers are contracted for the management of certain specific risks.
The risk management framework has been reviewed with the following objectives:
- Ensuring increasing effectiveness in the monitoring and reporting of risks on a regular basis.
- Staying on course and fostering stability.
The Fund Management team has been consolidated with the recruitment of additional capabilities with a view to play a more important role in ensuring effectiveness of risk management. The new framework indeed provides more clarity in these times of uncertainty.
Effectiveness of the risk management process
The risk management process was evaluated and the factors assessed were:
- Ability to identify and anticipate risks.
- Ability to respond to risks.
As risks identified are assessed, mitigating measures are taken promptly. Additional controls are put in place and where necessary, policies and procedures are amended or written and communicated to ensure clarity.
Where risks are beyond the tolerable level of our intervention and control, they are alleviated by due process and monitoring and further transferred through appropriate insurance covers.