RCL is committed to its shareholders to identify and cover appropriate measures and action plans to manage risks associated with its business activities.
Having categorized the risks into 5 groups, RCL aims to focus on the risks through the identification of issues for the effective management of the processes for appropriate transparency and early warning. The groups are as follows:
RCL manages risk by setting up risk management system whereby KPI's and other suitable yardsticks will be monitored to provide transparency for early warning of risks.
RCL reviews risk throughout the organization by applying enterprise risk management framework and takes appropriate measures and action to mitigate or eliminate risks identified
RCL believes risks should be managed on a continuous basis.
The Group acknowledges the necessity to bring awareness to the entire organization on the importance of risk recognition and identification in the course of daily activities and decision making in all areas of our business. This would include the rank and file, from senior management to the organizational units. As such, a Risk Management Committee is commissioned to oversee the implementation of the risk management system and enterprise risk management framework.
The committee is entrusted with the following accountabilities:
1. Establish / review and propose the risk management policy at all levels for the Board's approval.
2. Ensure that the Group's operations are consistent with enterprise risk management framework.
3. Review risk management report; take actions to ensure that adequate and appropriate risk mitigation activities are conducted to manage risks.
4. Present the overall enterprise risk profile including the sufficiency of internal control to manage risks to the Board for periodic review and approval.
5. Advise the risk management units and improve the information system relevant to the development of risk management process.