Risk Management

The Board of Directors has the overall responsibility over the Company's risk management process which involves identifying, measuring, analyzing, monitoring and mitigating risks. The BOD has delegated to senior management the task of developing and updating specific risk management policies and procedures as well as assessing the adequacy thereof relative to the financial risks being faced by the Company. The Company’s specific risk management policies are anchored on licensing and regulatory compliance and operational controls. For this purpose, risk management policies and systems are reviewed annually to reflect changes in the regulatory landscape and the Company’s activities. Monitoring exposures to financial risks are also captured in the annual operating budgets. Most importantly, the senior management, through continuous training and communication to the Company's personnel, aims to develop a disciplined and control-conscious environment. The Company’s senior management is assisted by the Internal Audit in monitoring strict compliance to these risk management policies and procedures.