The company has established policies and procedures to identify, assess and manage critical areas of operational and financial risk to ensure greater focus on risk management and in particular, the implementation of control measures. The company's process of risk management and internal compliance and control includes:
- Establishing the company's goals and objectives, and implementing and monitoring strategies and policies to achieve these goals and objectives.
- Continuously identifying and measuring risks that might impact upon the achievement of the company's goals and objectives, and monitoring the environment for emerging factors and trends that affect these risks.
- Formulating risk management strategies to manage identified risks, and designing and implementing appropriate risk management policies and internal controls.
- Monitoring the performance of, and continuously improving the effectiveness of risk management systems and internal compliance and controls, including an annual assessment of the effectiveness of risk management and internal compliance and control; review and assessment through the annual planning and budgeting process of key strategic, financial and operating risks and risk management strategies.