The ERMG was created to be primarily responsible for the execution of the enterprise risk management framework.
The ERMG's main concerns include:
The Compliance Officer assists the Board of Directors in complying with the principles of good corporate governance.
He shall be responsible for monitoring actual compliance with the provisions and requirements of the Corporate Governance Manual and other requirements on good corporate governance, identifying and monitoring control compliance risks, determining violations, and recommending penalties on such infringements for further review and approval of the Board of Directors, among others.
The Company aims to identify, measure, analyze, monitor and control all forms of risk that would affect the Company.
The Audit Committee reviews the effectiveness of risk management systems employed by the Company. The Audit Committee periodically reviews the risk management system of the company through its meetings and review of required reports. The adequacy of the risk management system is reviewed annually by the Audit Committee. On a quarterly basis, specific risk management processes and findings are reviewed and evaluated.
The Audit Committee shall assist the Group's Board of Directors in its fiduciary responsibility for the over-all effectiveness of risk management systems, and both the internal and external audit functions of the Company. Furthermore, it is also the AC's purpose to lead in the general evaluation and to provide assistance in the continuous improvements of risk management, control, and governance processes.
The Audit Committee aims to ensure that: