Singapore Airlines 2010 Annual Report Download - page 31
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ANNUAL REPORT 2009/10
029
statement on risk management
1 RISK MANAGEMENT EMBEDDED IN ORGANISATIONAL PROCESSES
1.1 Since 2002, a formalised Risk Management Framework has been implemented across the SIA Group under which
risks are identified, evaluated and controlled on a coordinated and integrated basis. All business units are involved
in identifying and evaluating risks from the bottom up, and these risks are then reviewed by Risk Management
Committees at Company and Group level to provide a top-down perspective as well. Under the Framework, the
risks are then prioritised and business units use both preventive and mitigation controls to manage risk exposures
within prescribed tolerance limits. These risk management activities are now carried out regularly as embedded
organisational processes within the Companies.
2 IMPROVING THE RISK MANAGEMENT FRAMEWORK
2.1 Benchmarking against International Standard
In November 2009, the International Standards Organisation published ISO 31000 International Standard: Risk
management – Principles and guidelines. Although ISO 31000 is not intended as a certification document,
SIA’s Risk Management Framework was reviewed against ISO 31000 and found to be compliant with this
international benchmark.
2.2 Assessment of Framework/Audit of Risk Processes
At the request of the Audit Committee, the Framework was reviewed to assess its adequacy to meet the Board’s
oversight obligations. This review was presented to and discussed by the Board of Directors. Separately, as
part of the Framework’s governance policy, the risk management processes and activities were independently
audited to ensure its effectiveness. The Internal Audit report was reviewed by the Audit Committee to provide
assurance at the highest levels.
2.3 Enhancing the Strategic Risks Framework
The Framework was also enhanced by introducing the mapping of strategic risks to highlight the risk trends, so as
to allow defensive initiatives to be implemented and opportunities to be exploited.