Page 76 - HRC_Annual_Report_2023

74 About HRC Value Creation Management Discussion Leadership
& Analysis

STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL

3. PLANNING, MONITORING AND REPORTING e. The sustainability strategy is developed by management
and reviewed by the Board to ensure its robustness in
a. An annual planning and budgetary exercise are achieving HRC’s objectives. The sustainability strategy
undertaken by all departments to prepare business was approved by the Board and is disclosed in the
plans and budgets for the forthcoming year. These are 2023 Sustainability Report.
deliberated on by the BAC to ensure alignment with
the strategy as agreed at the latest strategy review. 4. POLICIES AND PROCEDURES
Thereafter, the BAC recommends the updated plans
and budget to the Board for approval before its Clear, formalised and documented internal policies,
implementation. standards and procedures are in place to ensure compliance
with internal controls and relevant laws and regulations.
b. HRC’s financial performances are reviewed regularly by
Management. The financial results and variances (if any) A list of identified laws and regulations applicable to
are presented to the Board on a quarterly basis. HRC is documented and maintained to facilitate
compliance. Regular reviews are performed to ensure that
c. The Chief Financial Officer (CFO) is required to provide documentation remains current and relevant.
assurance to the BAC that:
Policies and procedures are available on HRC’s intranet
• appropriate accounting policies have been adopted and are accessible to the employees. Regular reviews
and applied consistently, the going concern basis are performed to ensure they are updated in line with
applied in the Annual Financial Statements is external and internal development.
appropriate, and that prudent judgements and
reasonable estimates have been made in accordance 5. BUSINESS INTEGRITY MANAGEMENT
with the requirements set out in the Malaysian
Financial Reporting Standards (MFRSs) and the With the enforcement of the Corporate Liability provision
International Financial Reporting Standards (IFRSs); involving commercial organisations under Section 17A
of the Malaysian Anti-Corruption Commission (MACC)
• adequate processes and controls are in place for Act 2009 since 1 June 2020, HRC continues to support
effective and efficient financial reporting and the Government initiatives and strong determination to
disclosure under the requirements of MFRSs, IFRSs, fight corruption.
the Companies Act 2016 and Bursa Malaysia
Securities Berhad’s Main Market Listing HRC is certified under the Anti-Bribery Management
Requirements (MMLR); and Systems, ISO 37001:2016 and shall continue to adhere with
the standard’s requirements in its day-to-day operations.
• the Annual Financial Statements and the quarterly
Financial Statements give a true and fair view of The Risk and Integrity Department is tasked to advocate,
the financial position and financial performance implement, and ensure HRC business integrity management
of the Company and do not contain any material system works in accordance with its intended purposes.
misstatement. BRMC provides oversight on the overall implementation
d. There is a regular and comprehensive flow of of business integrity within HRC. A checklist detailing
information from Management to the Board on all the Company’s current capability against the MACC’s
aspects of HRC’s operations to facilitate the monitoring Guideline on Adequate Procedures was presented to
of performance against HRC’s corporate strategy, BRMC in May 2023.
business plans and regulatory requirements.