Page 157 - Full Book_24.4.2021

In Retrospect

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The Will to Suceed

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In respect of the key operating The GMC focuses on the group synergy within the Group whilst the GRMC assists
subsidiaries, in particular Bank Islam the Board in managing the risk and internal control of the Group. Through these
Malaysia Berhad (“Bank Islam”) and committees, the Management has oversight over the relevant key operating
Syarikat Takaful Malaysia Keluarga subsidiaries on the following matters: Achieving a Leading Repute
Berhad (“Takaful Malaysia”), the
internal control oversight function
is carried out by the respective |
subsidiaries’ BRCs’. At BIMB Securities MANAGEMENT RESPONSIBILITY
Sdn Bhd (“BIMB Securities”), the
risk management and internal control The Management is accountable for implementing the Board’s
oversight function is carried out by policies and procedures on risks and control. Its role includes but is
its Board Audit and Risk Committee not limited to the following: Paving the Way for a Sustainable Future
(“BARC”).
• Identify risks relevant to the business, implementation of
The risk management control structure strategies and the achievement of its objectives;
and processes in place throughout
the Group are reviewed from time to • Implement regular risk management reporting, monitoring
time to cater for the changes in the and review as part of its risk management framework;
business environment. BHB’s BAEC
and BRC together with the respective • Identify changes to risks or emerging risks, take actions as 151
BAEC/BRC/BARC at the key operating appropriate, and promptly bring these to the attention of the
subsidiaries regularly review and Board;
monitor the Management’s approach
and actions in addressing key risks at • Discuss the tolerance level for each of the operational business
the Company and subsidiary level. and ensuring that they are within the accepted parameters set
It also provides the Board and the by the relevant regulatory bodies;
Management with the platform to
anticipate and manage both the • Implement the policies approved by the Board; and Adhering to the Best Governance Practices
existing and potential risks, taking into
consideration changing risk profiles • Report in a timely manner to the Board any changes to the risk
and risk appetites. This process had profile and any corrective action taken.
been in place and continued to be
the Group’s practice for the financial |
year under review and up to the date
of approval of this Statement for Assurance in relation to the risk management and internal control is also obtained
inclusion in this Integrated Annual from the key operating subsidiaries confirming that their risk management and
Report.
internal control is operating adequately and effectively, in all material aspects. Laying the Foundation for Financial Growth
In addition to the above, two (2) Any material risk management and internal control deficiencies will be presented
Management Committees at Group to the respective subsidiaries’ BRC/BAEC/BARC and subsequently to their respective
level, namely the Group Management Boards.
Committee (“GMC”) and GRMC,
were established to assist the Board. |
Additional Information & Disclosure Summary

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24 th AGM Information