CORPORATE GOVERNANCE REPORT health and safety, can be found on ST Engineering’s corporate website under the Key Risks section. Scan for details Presidents of the business areas and relevant Group HQ functions regularly review the key risks and other applicable 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 and/or Group HQ function; • New risks or changes to existing risk profile; • New risk incidents; • Major risk exposures; and • Risk mitigations taken on previously identified risks. CYBER SECURITY PEOPLE & CULTURE WORKPLACE HEALTH & SAFETY PHYSICAL & INFORMATION SECURITY FINANCIAL PRODUCT & SERVICE QUALITY PROJECT RISK STRATEGY & INNOVATION KEY RISKS BUSINESS DISRUPTION REGULATORY COMPLIANCE on the risk taxonomy, developments on emerging risks and control self-assessment results, ensuring appropriate risk mitigation (comprising preventive, detective and responsive controls) and that the key risks operate within the defined threshold, which is aligned with the Group’s business strategies. 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 Lines of Business, which the R&A function will aggregate into a Groupwide risk heatmap to determine the Group key risks and overall risk profile. Details on the management of key risks, such as operational risks related to business disruptions and workplace The RSC continues to monitor the implementation of risk management policies and procedures and receives updates on the risk registers maintained by the respective businesses. Other key activities during the year include regulatory compliance reviews, as well as assessment of business disruption risks and their corresponding business continuity plans. We remain committed to continuously enhance our risk management processes and foster a risk-aware culture across the Group. This commitment to proactive risk management aligns with our dedication to sustainable and responsible business practices, reinforcing our resilience and ability to create longterm value for our shareholders. 98 ST ENGINEERING | ANNUAL REPORT 2024
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