In response to the increasing scale and complexity of operations, TEE Group has adopted the Enterprise Risk Management (“ERM”) Framework which is in line with the ISO31000 – Risk Management and Guidelines and the recommended best practices standard. The framework is reviewed regularly taking into account changes in the business and operation environments as well as evolving corporate governance requirements.
Identified risks that affect the achievement of the business objectives and financial performance of TEE Group over a short-medium term are summarised in TEE Group Risks Register, and are being ranked according to their likelihood and consequential impact to TEE Group as a whole. The identified risks are then being managed and mitigated by the counter measures.
The ERM Framework expands on internal control, providing a more robust and extensive focus on the broader subject of enterprise risk management. While it is not intended to and does not replace the internal control framework, but rather incorporates the internal control framework within it, we are able to leverage on the ERM Framework to satisfy internal control needs and to move towards a fuller risk management process.