Risk Governance

Somboon Group has adopted an international standard for risk management system (COSO) as a corporate governance tool to enable effective implementation of corporate strategies and achieve organizational objectives in the midst of rapid business environment changes. Somboon group also responds appropriately to the expectations of all stakeholders. Somboon Group has defined an enterprise risk management policy to guide the practice throughout the organization and provide a clear direction for risk management consistent with business strategy and goals within the framework of good corporate governance. The risk management structure of Somboon Group consists of:

1. The Policy Risk Management Committee (BoD) is responsible for defining the risk policy and approving the Risk Appetite, overseeing the implementation of the organization's risk management policies and strategies, and defining the risk management structure. The BoD appoints an enterprise risk management committee and follow up on the performance of the Enterprise Risk Management Committee.

2. The Enterprise Risk Management Committee (ERM) is responsible for defining the enterprise risk management strategy and the risk appetite to propose to the Policy Risk Management Committee for consideration. ERM also defines processes and measures for enterprise risk management and follow up on risk review and reporting to the Audit and Corporate Governance Committee including the appointment of a functional risk management working group as appropriate.

3. The Functional Risk Management Committee (FRM) is responsible for identifying risks, assessing risks, preparing a risk treatment plan, and determining the responsible person. Also, FRM has its role in monitoring and reporting on functional risk management results to align with the Company's policy.

4. The Audit Committee is responsible for reviewing the risk management, recommending on the improvement and risks concerns, and reporting the result of the review to the BoD.

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