Risk culture

Somboon Advance Technology Public Company Limited places importance on embedding and raising awareness of the significance of risk management among executives and employees at all levels. As a result, the Company strives to create the continual, company-wide risk culture to efficiently and effectively apply the risk management system to the operation. So, the Company lays the foundation for systematic risk management by carrying out the operation under the global standards whereby all committees perform their duties to promptly identify risks or business opportunities. Listed below are the details:

• On an annual basis, review the enterprise risk management policy and risk appetite. Communicate to the management, staff and all units in the organization to raise an awareness of risk possibility, risk-induced impacts, the importance of risk management and mutual responsibility for risks, as well as integrating risk management policy into the operation by using it as the guideline for decision-making and planning.
• Determine a process to consider risk as integrated part of strategic planning and business plan, and cascade risk appetite to business unit or strategic projects levels.
• Utilize risk maturity assessment developed with consultants to determine roadmap for development of enterprise risk management process.
• Promote integration between functions according to the Three Lines of Defense and define roadmap to develop risk champions of each function as a representative in coordinating and monitoring implementation of risk management plan.
• Encourage the formulation of the policies to develop risk management skills and knowledge or require some relevant certifications relating to the operation to appropriately and efficiently provide some advice to the management and employees in the organization.
• Develop standard risk database for gathering and organizing risk inventory.