FGV Annual Report 2013

4. Policies and Procedures • Operational Policies and Procedures The Group operates based on existing policies and procedures. The Operational Policies and Procedures (the Policy) are periodically and partially reviewed to remain effective and relevant to support the Group’s business activities at all times as it continues to grow and transform locally and across borders. The Policy also facilitates compliance to regulations, listing and governance requirements. The Group issued a Related Party Transaction Policy and Procedures with approval of the Board in December 2012. The Group will review the existing policies and procedures progressively in FY2014. • Budgetary Process Business Planning, which is coordinated and aligned to specific objectives, is essential to direct the activities of each business operations towards meeting the Group’s objectives. With this view, the Group emphasises on a comprehensive annual budgeting process to ensure that the Group’s business plans are in line with the Group’s approved GSB. 5. On-going Monitoring • Financial and Operational Review Financial and Operational Review is a mechanism adopted to measure the Group’s performance against its business plan, annual budget and the Group’s approved GSB. The Financial and Operational review is undertaken on a regular basis by Executive Committee comprising all Senior Management of the Group. The Group had presented its quarterly Financial and Operational Review to AC in addition to the financial results announcement required to be made quarterly to Bursa Malaysia. These are subsequently recommended to the Board for their approval. • Group Internal Audit (GIA) Group Internal Audit undertakes audit reviews aimed at assisting the Audit Committee and the Board to assess the design and operating effectiveness of the system of risk management and internal controls. GIA plays a pivotal role in improving the effectiveness of risk management, control and governance processes of the Group’s operations through its recommendations for improvement in internal controls and consulting services on related matters. GIA follows-up on the decisions and instructions of the Audit Committee to ensure improvement actions are taken. Based on the follow-up conducted during the year, actions have been taken towards improvements in the related areas. 4. Dasar dan Prosedur • Dasar dan Prosedur Operasi Kumpulan beroperasi menurut dasar dan prosedur sedia ada. Dasar dan Prosedur Operasi (Dasar) ini dikaji secara berkala mengikut bahagian agar kekal berkesan dan relevan dalam menyokong aktiviti perniagaan Kumpulan sepanjang masa dalampada ia terus berkembang dan berubah secara setempat dan merentasi sempadan. Dasar ini juga memudahkan pematuhan kepada keperluan peraturan, penyenaraian dan tadbir urus. Kumpulan telah mengeluarkan Dasar dan Prosedur Urusniaga Pihak Berkaitan dengan kelulusan Lembaga Pengarah pada Disember 2012. Kumpulan akan mengkaji dasar dan prosedur sedia ada secara beransur-ansur pada TK2014. • Proses Belanjawan Perancangan Perniagaan yang diselaraskan dan sejajar dengan objektif-objektiftertentuadalahpentingdalammemastikanhala tuju aktiviti setiap operasi perniagaan untuk memenuhi objektif Kumpulan. Sehubugan itu, Kumpulan memberi penekanan terhadap proses belanjawan tahunan yang komprehensif bagi memastikan rancangan perniagaan Kumpulan selaras dengan GSB Kumpulan yang telah diluluskan. 5. Pemantauan Berterusan • Kajian Kewangan dan Operasi Kajian Kewangan dan Operasi adalah satu mekanisme yang diterima pakai untuk mengukur prestasi Kumpulan berbanding rancangan perniagaan, belanjawan tahunan dan GSB Kumpulan yang telah diluluskan. Kajian Kewangan dan Operasi dijalankan secara kerap oleh Jawatankuasa Eksekutif yang terdiri daripada semua Pengurusan Kanan Kumpulan. Kumpulan telah membentangkan Kajian Kewangan dan Operasi suku tahunan kepada Jawatankuasa Audit di samping pengumuman keputusan suku tahunan kewangan kepada Bursa Malaysia. Ini kemudiannya disyorkan kepada Lembaga Pengarah untuk kelulusan. • Audit Dalaman Kumpulan (GIA) Audit Dalaman Kumpulan menjalankan kajian audit bertujuan untuk membantu Jawatankuasa Audit dan Lembaga Pengarah menilai reka bentuk dan keberkesanan operasi sistem pengurusan risiko dan kawalan dalaman. GIA memainkan peranan penting dalam meningkatkan keberkesanan proses-proses pengurusan risiko, kawalan dan urus tadbir operasi Kumpulan menerusi cadangan-cadangan penambahbaikan bagi kawalan dalaman dan khidmat rundingan bagi perkara-perkara berkaitan. GIA membuat susulan ke atas keputusan dan arahan Jawatankuasa Audit bagi memastikan tindakan penambahbaikan telah diambil. Berdasarkan susulan yang dijalankan pada tahun ini, tindakan telah diambil untuk menambah baik bidang-bidang berkaitan. Statement On RISKMANAGEMENT AND INTERNAL CONTROL Penyata Pengurusan Risiko dan Kawalan DalamAN Felda Global Ventures Holdings Berhad 156