Annual Report 2020

• On a quarterly basis, a risk management report summarising the high and significant risks and status of action plans is presented to the RMC and RMU for review, deliberation and recommendation for endorsement by the Board of Directors. Enterprise Risk Management refresher trainings were conducted separately by third party facilitators and Group Risk Management Manager during the financial year as part of the ERM awareness enhancement activity. Going forward, the RMC and RMU will continuously deliberate the following to further strengthen the existing risk management controls within the Group: • Key risks highlighted in the Risk Management Report will be used in developing internal audit plans. • The Group Risk Management Manager will conduct an annual review of the ERM framework and its processes. • The documented standard operating policies and procedures to ensure compliance with internal controls, laws and regulations, will be subjected to regular reviews and improvement. • Enhance Crisis Management to handle disruptive incidents and effectively ensure a structural recovery that safeguards the interests of its stakeholders, as well as to protect the credibility and reputation of QL. • Taking into cognizance Section 17A of the Malaysian Anti-Corruption Commission (Amendment) Act 2018 that has come into force on 1st June 2020, the Group has commissioned a consultant to assist management in reviewing and strengthening our Group’s existing policies on anti-bribery and corruption, in particular to ensure adequate procedures are in place to further mitigate risks of bribery and corruption. INTERNAL CONTROL PROCESS The key elements of the Group’s internal control processes are summarised as follows: • The Board, Audit Committee, RMC and RMU meet on a quarterly basis to discuss strategic, operational, risk and control matters raised by the Management, Internal Audit and external auditors. • The Board has delegated its responsibility to several committees and to the Management of the Company to implement and monitor designated tasks. • The authority limits delineate authorisation limits for various levels of management and matters reserved for collective decision by the Board to ensure proper identification of accountabilities and segregation of duties. • SOPs are revised to meet the operational requirement, the business and statutory reporting needs when necessary. • Performance reports are provided to the Executive Committee and the Board for review and deliberation. • A whistle-blower policy is in place and anyone who has a genuine concern on detrimental actions or improper conduct may raise it using the confidential channels laid out in the policy which is available on QL’s website. A Milestone on Our Sustainable Growth Journey 89