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ANNUAL REPORT 2016
Statement on Risk Management & Internal Control
RISK MANAGEMENT AND INTERNAL CONTROL FRAMEWORK (“RMICF”)
Group’s Objectives
The Group’s RMICF is geared to achieving its objectives that support Bonia’s mission set forth in the following 4 categories:
These are high-level goals, aligned with and supporting the
Group’s mission
Strategic
Objectives
Operations
Objectives
Reporting
Objectives
Compliance
Objectives
These pertain to effectiveness and efficiency of the Group’s
operations, including operational and financial performance
goals, and safeguard assets again loss
These pertain to internal and external financial and non-
financial reporting and may encompass reliability, timeliness,
transparency, or other terms as set forth by regulators,
recognised standard setters, or the Group’s policies
These pertain to adherence to laws and regulations to which
the Group is subject
Bonia
Mission
The aforesaid objectives are set by the Board after taking into consideration on the Group’s risk appetite and tolerance level.
Risk Management and Internal Control
Risk management and internal control shall become the concern of every individual in Bonia Group and the relevant approach shall be consistent
with the recommendations made by the:
•
Enterprise Risk Management - Integrated Framework; and Internal Control - Integrated Framework, issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO); and
•
Statement on Risk Management & Internal Control - Guidelines for Directors of Listed Issuers that involve the identification, assessment
and management of risks, as well as the formalisation and implementation of effective and efficient control processes to provide reasonable
assurance regarding the achievement of the Group’s objectives in all levels of its activities.
