Smaat seeks to be a good corporate citizen in all aspects of its operations and activities.
The Company is committed to maintaining high standards of corporate governance. The Company's Board will continue to review and improve the Company's corporate governance practices, and in doing so will monitor developments in this field.
The Board has laid down the roles and responsibilities of the various entities in relation to risk management. A range of responsibilities, from the strategic to the operational, is specified. These role definitions are aimed at ensuring formulation of appropriate risk management procedures, their effective implementation and independent monitoring and reporting by Internal Audit
A combination of centrally issued procedures brings robustness to the process of ensuring that business risks are effectively addressed
Appropriate structures have been put in place to proactively monitor and manage the inherent risks in businesses with unique/relatively high risk profiles.
A strong and independent Internal Audit function at the Management level carries out risk-focused audits across all businesses, enabling identification of areas where risk management processes may need to be improved. The Board reviews Internal Audit findings, and provides strategic guidance on internal controls.
At the Department levels; all the Department Heads continuously verify compliance with laid down policies and procedures, mitigate risks in financial reporting through regular transaction audits and help plug control gaps.
A comprehensive framework of strategic planning and performance management ensures realization of business objectives based on effective strategy implementation. The Departments confirm periodically that all relevant business risks have been identified, assessed, evaluated and appropriate mitigation systems implemented.
The combination of processes as outlined above adequately addresses the various risks associated with the Company's business. The senior management of the Company periodically reviews the risk management framework so as to effectively address the emerging challenges in the business environment.
