Venue: The Majestic Hotel, KL
Time : 09.00am - 01.00pm
“Why organisations should adopt GRC for assurance of their well-being”
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Introduction:
Section 246 of the Companies Act 2016 requires Directors of public companies and their subsidiaries to put in place a system of internal control to provide reasonable assurance that:
• the company’s assets are safeguarded against loss from unauthorised use or disposition and to give a proper account of the assets; and
• all transactions are properly authorised and recorded as necessary to enable preparation of true and fair view of financial statements of the company.
MCCG 2021 and Bursa’s Listing Requirements stipulate the need for the Board of a listed issuer to formalise risk management initiatives on the identification, evaluation, control, reporting and monitoring of significant business risks faced by the listed issuer as a group.
MCCG 2021 also promulgates the establishment of Risk Management Committees, comprising majority Independent Directors, to oversee risk exposures and how these are recorded and reported to the Board of Directors.
This session highlights what GRC is and how the 3 elements are intertwined into the sustainability framework of a typical organisation. The various “gatekeepers” responsible for each of the elements of GRC will also be discussed in line with Section 246 of the Companies Act 2016 and recommendations of the Statement on Risk Management and Internal Control: Guidelines for Directors of listed issuers. More importantly, the GRC contemplated in this session covers not only financial issues but also non-financial matters that may impact upon an organisation’s financial situation and/or its branding and reputation, e.g., the ESG agenda.
Case studies will be discussed on some of the pitfalls of GRC and how companies suffered as a consequence, including penalties meted out to Directors.
Learning Outcome:
• understand what a Governance, Risk and Control Framework is, including its purpose and inherent limitations;
• understand the regulatory and business perspectives for a GRC Framework;
• be familiar with how GRC is intertwined to assist the organisation achieve its objectives; and
• be aware of the challenges and pitfalls to avoid in rolling out a GRC Framework.