The Board is ultimately responsible for the oversight and management of KWAP's risks. The Board, through the Risk Management Committee (RMC) maintains overall responsibility for risk oversight in KWAP.
The RMC responsibilities include among others reviewing and ensuring adequacy of risk management policies and procedures, reviewing risk exposures, and ensuring that infrastructure, resources and systems are put in place for risk management activities.
The Board is also supported by the Audit Committee whose responsibility is to provide an independent assessment of the adequacy and reliability of the risk management processes and system of internal controls, and compliance with risk policies and regulatory requirements.
Enterprise Risk Management Committee (ERMC) which is chaired by the CEO serves as a platform where all risk related matters, be it operational or investment related are deliberated and addressed. Issues are then updated to Board's RMC for notification and decision, if necessary.
The dedicated independent risk management and functions, namely the Risk Management and Compliance Department (RMCD) and Internal Audit Department are responsible for ensuring the approved risk management framework and policies are implemented and complied with. They are also responsible for facilitating the risk management processes with operational units which include risk identification, assessment, mitigation and monitoring.
At the forefront, all units are responsible for identifying and managing risks within their operations. They are to ensure all daily activities are carried out within the established framework and full compliance with approved policies, procedures and limits.