GOVERNANCE → Corporate Governance Report As part of the risk awareness and communication programme, annual risk management training plans covering ST Engineering Code of Business Conduct and Ethics, and key risk and compliance topics are rolled out at the Group level. The RSC is updated regularly on the status of these trainings. c) Risk Review Process Under the ERM framework, a risk dashboard of the top business risks is developed and maintained by each of the significant business units, rolling up into a summary dashboard for respective businesses. Once the top business risks are identified, measures will then be taken to develop and implement risk preventive and mitigating actions (collectively known as “controls”) and risk monitoring processes. The business managers are required to periodically review the effectiveness of the controls implemented, and initiate the necessary changes as the risk profile changes. Quarterly, Cluster Presidents and Presidents of the Business Areas, as well as their respective CROs review respective dashboard of top business risks with the RSC. At the meetings, the risk management action plans and measures to address these risks will be discussed. At the same time, they will also highlight the following for discussion: • emerging trends and issues in each business area; • new risks or changes to existing risk profile; • new risk incidents; • major risk exposures; and • risk management actions taken on previously identified risks. 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. Key activities during the year include regulatory compliance reviews, as well as assessment of business disruption risks and their corresponding continuity plans. ENTERPRISE RISK MANAGEMENT SYSTEM Vision and Goals Oversight Structure Roles and Responsibilities Common Language Policies and Manuals Tolerances and Limits Technology and Tools Risk and Incident Registers Financial and Risk Reports ERM INFRASTRUCTURE ERM PROCESS ERM REPORTS Risk Strategies Risk Assessment and Prioriti sati on Risk Reporti ng Business Analysis Risk Identi f cati on Business Goals, Objectives and Strategies STRENGTHENING ERM CAPABILITIES BUILDING A STRONG ERM CULTURE Change Management Continuous Improvement Communication Information Sharing Awareness / Training CORPORATE GOVERNANCE REPORT 112 ST ENGINEERING ANNUAL REPORT 2021 71 ST ENGINEERING SUSTAINABILITY REPORT 2021 OVERVIEW OUR SUSTAINABILITY APPROACH ENVIRONMENTAL SOCIAL GOVERNANCE AWARDS INDEX
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