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Risk Management
The Company, through the Audit Committee, has established a system of risk oversight and management. Over the last two years, the Company has undergone risk surveys conducted by the auditors, insurance underwriters and its then insurance brokers.
As a result of those surveys, the Company has implemented an Internal Risk Review program that is addressing the risks identified by those surveys. Those surveys and the responses have covered both the physical and non-physical risks such as financial risks. Risk assessments have continued on an ongoing basis resulting in further modifications to the Company's processes and structure.
There has been substantial expenditure in such areas as the installation of fire sprinkler and detection system, building modifications to physically isolate any potential fire, the implementation of revised financial and management systems. These works have substantially benefited the risk profile of the Company. |
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