Singapore Airlines 2007 Annual Report Download - page 36

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Singapore Airlines 34 Annual Report 2006-07
1. BOARD EMPHASIS ON RISK MANAGEMENT
Since 2002, Singapore Airlines has implemented a formalized Risk Management Framework to assist business units
in identifying and reporting risks across the Group. This Framework is an important and integral part of the overall
management and governance structure. To give greater focus to the Board’s commitment to corporate-wide risk
management, the oversight of risk management was moved from the Audit Committee to the Board Safety and Risk
Committee (previously known as the Board Safety & Reliability Committee). The written terms of reference of the
Board Safety and Risk Committee was revised to refl ect the enhanced focus on risk management.
2. ENHANCEMENTS TO THE RISK MANAGEMENT PROCESS
Training
As part of the effort to embed risk management across the organization, the company commenced a program to train
all ground staff, starting with the operational business units. The training sessions and workshops allowed staff at all
levels to better understand the risk management process as well as the risk issues and concerns.
Communications
An intranet site was launched to facilitate communication and accessibility of information on risk management
throughout the organization.
3. ONGOING RISK REVIEWS AND IMPROVEMENTS
Annual Risk Management Review
The Group carried out the 5th Annual Risk Review, in addition to a strategic risks review pursuant to the Strategic
Risks Framework introduced last year. These risks surfaced were consolidated and reviewed by the Group Risk
Management Committee before being surfaced to SIA Board Safety and Risk Committee.
Information Security and Handling
A review of Information Security Risks was carried out, with particular attention to the Group’s “Information Handling
Procedures”.
Improving Self-assessment of Compliance
To enhance the discipline of self-assessment of controls over process risks, a dedicated “CSA Unit” was created to drive
the “controls self-assessment” program to ensure that company policies and procedures are complied with.
4. BOARD OF DIRECTORS’ COMMENTS ON THE PRACTICE OF RISK MANAGEMENT IN SINGAPORE AIRLINES
Having reviewed the risk management practices and activities of Singapore Airlines, the Board of Directors has not
found anything to suggest that risks are not being satisfactorily managed.
STATEMENT ON RISK MANAGEMENT