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In performing its duties and function, Risk Management Committee obeys to the Risk Management Charter. The charter is periodically reviewed and updated. The applicable charter authorized by the BOC on July 29, 2016. The update was executed to adapt to the Company’s business environment therefore the Risk Management Committee can perform its duties and responsibilities in efficient, effective, transparent, independent and accountable according to the prevailing laws and regulation. The Charter includes, among others, membership structure, membership requirement, including competency and independence requirement, task and responsibilities and committee meeting.
The Risk Management Committee is assigned and responsible to assist the BOC in providing professional and independent opinion to ensure that the implementation of Enterprise Risk Management (ERM) performed accordingly and in an integrated manner by the BOD. The implementation of Risk Management Committee duties and responsibility covers the review, oversight and recommendation on risk identification, risk valuation, risk mitigation by related working units and the effectiveness of the risk management conducted by the Risk Management Division.
The Risk Management Committee has the authority to access fully, freely and not limited to every Company’s policy related to risk management in the Company. In performing its authority, Risk Management Committee cooperates with the Secretariat of the BOC, the BOC Supporting Committees, related team at the management level, Internal Audit and related operational unit.