Company Information

SCOPE OF DUTIES AND RESPONSIBILITIES OF THE RISK MANAGEMENT COMMITTEE
  1. Monitor and supervise the development and participate in the annual analysis of the strategies of the organization's risk managements.
  2. Develop and screen the risk levels deemed acceptable by the organization and screen for the acceptable deviations of the risks.
  3. Provide directions and monitoring methods to the head of risk management personnel.
  4. Assess significant risks and report to the Company's Board of Directors.
  5. Assess the Company's risk reports.
  6. Review the risk management plans of Headquarters and the project that occurred compared with the plans every quarter.
COMPONENTS AND THE RECRUITMENT OF RISK MANAGEMENT COMMITTEE MEMBERS

The Risk Management Committee comprises of at least 5 members according to the Department consists of representatives from the followings: The Management, Financial and Accounting, Human Resource and Business Development, and Project Department and must be appointed by the Board of Directors. Thus, the directors shall elect one of its members to be Chairman of the risk management. The risk management committee has been appointed and a 2-year tenure. Ensuring the continuity work of the committee, the risk management committee who retired by rotation may be re-appointed.

RISK MANAGEMENT COMMITTEE REPORT

To Shareholder(s)

In 2021, the Company determined to improve and substantially developed the current business model, including the expansion of new business channels to create opportunities for the Company and joint ventures. Although this year, Thailand has suffered from the coronavirus (COVID-19) pandemic as globally. This pandemic caused the global economic to immediately discontinue, with the good management of the Thai government, Thailand is still a high security and worth investing country evaluated by foreign businessmen. Even though the Company has been affected by this epidemic, with the Company's business that has been well planned to support a wide variation of tasks. The Company has achieved positive results and went through the past year. For the future progress and sustainable growth of the Company, we continue to develop our organization, our people and bring in new technology to enhance the efficiency of the Company in order to increase and expand the competitiveness of the business. The Company is conscious and fully prepared with the various encountered circumstances at present and in the future.

Risk management is a necessary and important role to build confidence and to achieve the goal in the Company. To reduce losses, create opportunities and increase competitiveness, by setting policies to the Company and its subsidiaries. It requires assessing both internal and external risk that will affect business operation. The Risk Management Committee has been appointed to be responsible for monitoring and supervising the policy. Promoting effective risk management effectively and establishing risk management as a priority mission for all departments. With the aim to make the risks acceptable against losing business opportunities.

In 2021, Risk Management Committee had four meetings in which the following resolutions could be summarized as follows:

  1. Presentation of KPI and Risk Management plan for 2021
    The committee held the meeting with all departments and subsidiaries to present the risk management plans and their KPI of 2021 operations for the approval.
  2. Risk Evaluation, Mitigation Measure, and Risk Management Plan
    The Risk Management Committee had assigned the responsible institute to consider the risk factors that might influence the business administration. The Committee also provided Mitigation Measure, Risk Management Plan, and any other way to reduce the effects into an acceptable level.
  3. Follow up on Risk Mitigation Measure and Risk Management Plan
    Quarterly meetings were held to closely follow up the risk mitigation measure with relevant departments to ensure that those measures were being implemented. Comments and feedbacks were collected to improve the process efficiently.
  4. Risk Management Associated with Social and Environmental Issues
    PPS had set up the social and environmental obligation policies. The Risk Management Committee had assigned the responsible institute to assess the risks associated with social and environment issues, and to follow up the evaluation in order to decrease the effects that might defame the Company's reputation. In terms of security concerning with the services, the Committee had assigned the risk evaluation as well.
  5. Risk Management Associated with Corruption Issue
    The Risk Management Committee has also informed all of the departments and subsidiaries to evaluate the risk associated with corruption issue following the company's policy of anti-corruption which was announced with the Private Sector Collective Action Coalition against Corruption movement.
  6. Risk Management Associated with Economic slowing down from the epidemic
    The Risk Management Committee has provided all departments to prepare and assess risks for dealing and managing the COVID-19 situation whether in strategic, financial, and operational aspects. Due to the cessation or delay that will have an impact on the operation. Even though Thailand can manage and prevent the outbreak effectively, the Company should have a backup plan to prepare for second round outbreak like other countries around the world suffering from severe second and third outbreak occurred.

From the above report, the Risk Management Committee has successfully implemented risk management practices to ensure that all aspects of business risks are foreseen and measures are implemented to alleviate those risks identified. The risk management committee strongly believes that the risk management implementation will ensure sustainable business practices of the company in the longer term.

(Mr. Prawat Kitipongpairoj)
Chairman of the Risk Management Committee