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Key Themes for King IV Principle 11 - Coggle Diagram
Key Themes for King IV Principle 11
Governance of Risk:
Integral to decision-making and duties
Delegated to Risk and Compliance Committee
Linked to corporate strategy and objectives
Proactive Management:
Proactively managing risks and opportunities
Optimizing business returns
Resource reallocation if necessary for risk mitigation
Risk Management Process:
Identify, measure, prioritize, respond, and monitor risks
Internal and external risks considered
Categorized into Strategy, Financial, Operations, Legal, Regulatory, and Compliance
Risk Appetite:
Defined by the Board
Guides risk-taking in strategy execution
Responsibilities:
Board oversees risk management
Management responsible for implementing risk management
Risk framework led by Risk and Compliance Officer
Communication and Disclosure:
Key risk areas and mitigating actions disclosed in Integrated Annual Report
Transparent communication with stakeholders
Residual Risk Management:
Residual risk assessed by Risk and Compliance Committee
Mitigation plans implemented by management
Escalation to the Board if residual risk is not acceptable
Continuous Assessment:
Ongoing risk identification and assessment
Risk management plan widely disseminated
Risks evaluated based on impact and likelihood