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32 SIA Annual Report 04/05
Statement on Risk Management
4. RISK PROCESSES AND ACTIVITIES
During the year under review, the following risk related processes and activities were carried out:
a. Annual Re-validation of Control Self Assessment (CSA)
The Departments updated their risks and compliance status in their Annual CSA exercise. The more significant
process risks were then escalated for further review under the Annual Risk Management Review.
b. Annual Risk Management Review
SIA carried out their 3rd Risk Management Review from January to March 2005. Risks at company levels were
surfaced to each Group Company's Risk Management Committee before being consolidated for review by the
Group Risk Management Committee, and ultimately by SIA's Audit & Risk Committee.
c. Senior Management Strategic Review
The Board of Directors and Senior Management carried out a review of SIA's strategy during the 2nd Quarter to
ensure alignment of activities and long-term objectives.
5. BOARD OF DIRECTORS' COMMENTS ON THE PRACTICE OF RISK MANAGEMENT IN SIA
Having reviewed the risk management practices and activities of SIA, the Board of Directors has not found anything
to suggest that risks are not being satisfactorily addressed.