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34
RISK MANAGEMENT FRAMEWORK
In 2012, the Group engaged external consultants from
KPMG Services Pte Ltd (“KPMG”) to set up an Enterprise
Risk Management (“ERM”) Framework (“ERM Framework”),
which governs the risk management process in the Group.
Through this framework, risk capabilities and competencies
would be continuously enhanced. The ERM Framework
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management and monitoring of key risks to the Group’s
business. The risk management process in place covers,
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by the Group. The key risks of the Group are deliberated
by the Management and reported to the Audit Committee
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of the ERM Framework against leading practices in risk
management and vis-à-vis the external and internal
environment which the Group operates in.
Complementing the ERMframework is aGroup-wide system
of internal controls, which includes the Code of Conduct,
documented policies and procedures, proper segregation
of duties, approval procedures and authorities, as well as
checks-and-balances built into the business process.
To ensure that internal controls and risk management
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by various independent professional service providers.
External auditors provide reasonable assurance on the true
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Internal auditors provide assurance that controls over the
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4THLINEOFDEFENCE
BOARD OVERSIGHT
3RD LINE OF DEFENCE
INDEPENDENT ASSURANCE
2ND LINE OF DEFENCE
MANAGEMENT AND ASSURANCE
RISK MANAGEMENT
COMPLIANCE
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RISKMANAGEMENT
