b) Risk Review Process Under the ERM framework, an overall risk taxonomy for various types of risks is established and regularly refreshed to incorporate new and emerging risks. Annually, each business unit will update its risk register based on the risk taxonomy and control self-assessment results, ensuring appropriate risk mitigation (comprising preventive, detective, and responsive controls) and monitoring procedures are implemented as part of the overall risk management plan. CORPORATE GOVERNANCE REPORT Business Disruption Product Liability and Safety Contract Compliance Regulatory Compliance Bribery and Corruption Cyber Risks Foreign Exchange Credit Total Workplace Safety and Health Talent Management and Succession Planning Mergers and Acquisitions Product and Technology Obsolescence OPERATIONS ETHICS AND GOVERNANCE FINANCIAL HUMAN CAPITAL GROWTH AND COMPETITION Key Business Risks KEY BUSINESS RISKS OF ST ENGINEERING Responsibility for implementing newly identified controls and reviewing their effectiveness lies with identified Control Owners and Risk Owners respectively. A risk heatmap featuring the top business and functional risks is also generated and maintained by each of the business units, which R&A will aggregate into a Group-wide risk heatmap to determine the Group key risks and overall risk profile. Quarterly, Cluster Presidents and Presidents of the Business Areas review the key risks with the RSC. At the meetings, the risk movements and corresponding risk mitigations are highlighted for discussion, including: • emerging trends and issues in each Business Area; • new risks or changes to existing risk profile; • new risk incidents; • major risk exposures; and • risk mitigations taken on previously identified risks. For a detailed write-up of the Group’s key risks and mitigation strategies, please visit our corporate website. For information on how we manage some of the key risks across the Group from an ESG perspective, please refer to the Sustainability Report 2022 to learn about the various material factors and their respective management approaches. 100 ST ENGINEERING ANNUAL REPORT 2022
RkJQdWJsaXNoZXIy NjMyNDM=