Challenges and Business Opportunities:
Presently, business operation has complications and has changed from the past, as a result of new technology development which has affected human behavior and their living. There are possibilities that these emerging may have a significant impact in terms of new risks and opportunities the future. GC, therefore, emphasizes on a systematic risk management for the entire organization while continuously improving. GC also continues to provide many training programs regarding risk management to raise the awareness and improve personal development for the executives and all employees. These are to assure that the company will be able to handle uncertainties effectively and achieve the operational strategy.
Risk Management Process
GC determines to create both short and long-term value for stakeholders by having an appropriate risk and crisis management system in accordance with the international standard of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), the International Organization for Standardization’s ISO 31000, as well as, the corporate governance principles for businesses registered in 2017 (CG Code 2017) and anti-corruption guidelines. This helps to ensure that the company’s objectives and goals will be achieved. Therefore, GC focuses on raise awareness and understanding of all potential opportunities and risks, as well as defining appropriate mitigation plans to reduce likelihood and loss to the acceptable levels and/or to create benefits from the business opportunities.
GC has set up a risk management framework and guidelines in order to systematically, efficiently and effectively management risks throughout the organization. Additionally, GC has also established an internal and external risk management monitoring to detect any potential emerging risks, which may arise.
Risk Management System
GC has established the risk management process in consistence with COSO ERM and ISO 31000 and correlated with other internal processes such as the strategic planning process to be in line with the corporate Risk Appetite and Risk Management Policy.
The risk management framework belongs to the Top-Down and Bottom-up approaches. To manage risk, CG has defined a risk assessment that consists of risk identification, risk assessment, and risk classification in respond to managing the risk appetite. GC has assigned a person-in-charge of risk management in order to set a plan and measurement of risk management. Moreover, GC has assessed risk by analyzing significant information according to the framework illustrated above. in addition, GC has continuously monitored and reported risks at all levels of each functions, subsidiaries, business units and corporate levels. These help to ensure sufficient and appropriate risk identification and measures throughout the company, which also build stakeholders’ confident.