GOVERNANCE → Corporate Governance Report d) Control Self-Assessment Process The Control Self-Assessment (CSA) is a process whereby the business risk owners, together with the respective control owners, evaluate and assess the effectiveness of the controls established to manage key risks. This self-assessment complements the basis of assurance from Management on the adequacy and effectiveness of the system of risk management and controls to manage the key business risks. System of Internal Control and Risk Management The Board receives, at regular intervals, updates from the Board Committees on the key business risks, the material controls to manage these risks, and the internal audit reports on the operational effectiveness of the material controls. Accordingly, the Board, through the Board Committees and supported by the Group’s R&A function and Internal Audit function, is satisfied that internal control issues are identified on a timely basis and remedial actions are taken promptly to minimise lapses. The Board has received assurance from the Group President & CEO and Group CFO on the adequacy and effectiveness of the Company’s internal controls and risk management system. Based on the internal controls and risk management process established and maintained by the Group, work performed by the internal and external auditors, and reviews performed by management and various Board Committees, the Board is satisfied that the Group’s framework of internal controls (including financial, operational, compliance and information technology controls) as well as the risk management systems are adequate and effective as at 31 December 2021. The Audit Committee concurs with the Board on the adequacy and effectiveness of the internal controls and risk management systems established and maintained by the Group as at 31 December 2021. In this regard, the Board also notes that no framework of internal controls can provide absolute assurance against the occurrence of material errors, poor judgment in decision making, human error, fraud or other irregularities. 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 For a detailed write-up of the Group’s key risks, please visit our corporate website: 113 CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT For a detailed write-up of the Group’s key risks, please visit our corporate website: 72 ST ENGINEERING SUSTAINABILITY REPORT 2021 OVERVIEW OUR SUSTAINABILITY APPROACH ENVIRONMENTAL SOCIAL GOVERNANCE AWARDS INDEX
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