FGV Annual Report 2014

GRMD has in place policies and procedures which are consistent with the ISO 31000 Risk Management Standard, developed to aid relevant personnel in undertaking their risk management responsibilities. The process of risk management adopted by the Group is illustrated below: Establish Context Communicate and Consult Monitor and Review Identify Risks Analyse Risks Evaluate Risks Treat Risks Key Risk Management Activities For 2014 Key risk management activities undertaken during the financial year under review are as follows: • Development of Enterprise Risk Management System The Enterprise Risk Management System was successfully rolled out during the year and is currently being used by all relevant personnel. • Quarterly Reporting of Enterprise Risk Key enterprise risks were reported every quarter to BGRMC. All Clusters, corporate centres and subsidiaries within the Group update the Risk Registers through the Enterprise Risk Management System and reported to BGRMC through GRMD. • Development of Risk Management Culture and Awareness GRMD’s activities are designed to instil the importance of a strong and effective risk management culture within the Group. Enterprise Risk Management and Business Continuity Management awareness and training sessions were conducted for targeted groups. Additionally, a review and feedback session was conducted at the end of the year to assess the level of acceptance and understanding of the risk management related activities conducted throughout the year. • Business Continuity Management (BCM) BCM is prepared to support the Group to respond and recover from significant unexpected events. The BCM documentation including Business Continuity Plans, Business Impact Analyses, and Risk Assessments were reviewed to maintain robust plans to protect the interests of the stakeholders. Additionally, BCM testing has been conducted at the relevant corporate centres and subsidiaries. • Review of Policies and Procedures All GRMD policies and procedures were reviewed and updated to cater for changes in the Group. • GRMD Risk Management Audit GRMD Risk Management Audits were undertaken to ensure relevant and effective risk reporting. Felda Global Ventures Holdings Berhad pg 152 STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL