1. Purpose

  • Ongoing risk management is a core component of the management of MOMKN. The Company’s ability to identify and address
    risk is central to achieving its corporate objectives.
  • This Policy outlines the program implemented by MOMKN to ensure appropriate risk management within its systems and culture.
  • This Policy outlines the program implemented by MOMKN to ensure appropriate risk management within its systems and culture.

2. The Risk Management Program

  • MOMKN’s Risk Management Program comprises a series of processes, structures and guidelines which assist the Company to identify, assess, monitor and manage its business risk, including any material changes to its risk profile.
  • To achieve this, the Company has clearly defined the responsibility and authority of the Directors to oversee and manage the Risk Management Program, while conferring responsibility and authority on the Audit and Risk Management to develop and maintain the Risk Management Program in light of the day-to-day needs of the Company. The Audit and Risk Management is governed by the Audit and Risk Managers, a copy of which is available on the Company’s website.
  • Regular communication and review of risk management practice provides the Company with important checks and balances to ensure the efficacy of its Risk Management Program.
  • The key elements of the MOMKN’s Risk Management Program are detailed below

3. Responsibilities of the Directors

  • The Directors acknowledge that they are responsible for the overall system of internal control but recognize that no cost effective internal control system will preclude all errors and irregularities.
  • The Directors have delegated responsibility for reviewing the risk profile, including material business risks and reporting on the operation of the internal control system, to the Audit and Risk Management. However, the Audit and Risk Management may also refer particular risk management issues to the Directors for final consideration and direction
  • The Directors will review the effectiveness of MOMKN’s risk management framework and internal control system annually to ensure that it continues to be sound and that the entity is operating within the risk appetite set by the Directors.

3. Responsibilities of the Audit and Risk Management

  • The day-to-day oversight and management of the Company’s Risk Management Program has been conferred upon the Audit and Risk Management in accordance with the audit and risk management policies. The management is responsible for ensuring that the Company maintains effective risk management and internal control systems and processes, and provides regular reports to the Directors on these matters. In addition to the risk management responsibilities in its Charter, the role of the management is to:
    • Assist the Directors to fulfil responsibilities pertaining to the financial reporting process, oversee the system of internal control relating to all matters affecting the Company’s financial performance and the audit process;
    • Assist the Directors in monitoring compliance with laws and regulations;
    • Assist the Directors to adopt and apply appropriate ethical standards in relation to the management of the Company and the conduct of its business;
    • Implement, review and supervise the MOMKN’s Risk Management Program; and