(i) Operational and corporate management processes;
(ii) Reliability of financial reporting;and
(iii) Compliance with applicable laws and regulations.
The Board of Directors has reviewed the budget of risk management and internal control system of the Group and its subsidiaries in relation to finance, operations and compliance, and has considered the adequacy of resources, the qualifications and experience of staff, as well as training plans and the company’s accounting and financial statements.
The Company has established and implemented different risk management procedures and guidelines and clearly defines powers and responsibilities. Self-assessments are conducted every six months to ensure that departments comply with monitoring policies.
All departments conduct regular internal monitoring assessments to identify risks that have a potential impact on the Group's business from all aspects (including major operations and financial procedures, regulatory compliance and information security). Management collaborates with ministers to assess the likelihood of risk, provide solutions, and monitor progress in risk management.
The internal audit department is responsible for the independent review of the adequacy and effectiveness of risk management and internal control systems. The internal audit department examines major matters relating to accounting practices and all major monitoring and provides the audit committee with its findings.
The Company has established procedures and designated personnel to provide guidance to the directors, staff, senior management, and relevant employees of the Company in handling confidential data, monitoring data disclosure, and responding to inquiries. The Company has implemented monitoring procedures and designated personnel to ensure that unauthorized access and use of restricted data is strictly prohibited.