Page 72 - KEX EXPRESS (THAILAND) PUBLIC COMPANY LIMITED : ANNUAL REPORT 2024

72 ONE REPORT (FORM 56-1) 2024

Risk Management capture potential threats. Strategic moves are approved
by both the top management and Board of Directors to
ensure all relevant risks are taken care of.
Risk Management Framework

and Policy 2. At the Department Level.
Heads of all departments as Risk Owners shall perform
their function of risk assessment, risk reporting to risk
KEX believes that efficient risk management is one of management department, provision of advice from
the key mechanisms supporting the business in committees and oversight departments to improve their
Operational Highlights and Financial Summary
achieving sustainable development and growth. The operations to ensure that directions are already aligned
Company places great emphasis on risk management. at both the Company level and the department level.
Therefore, risk management framework and policy have During a risk assessment process, the risk management
been continuously reviewed and improved.
department provides advice on risk management and
raises awareness of risk to head of the department. The
KEX’s risk management framework and policy are in team also gives advice on risk angles for important
conformity with COSO ERM 2017. The framework projects to allow project leads to incorporate risks into
Key Milestones
and policy’s main purposes are to ensure that the their decisions.
organization conducts the business with good
governance, risks and potential incidents are reported
to management in an adequate and timely manner, root Roles and Responsibilities

causes of risks are analyzed, impact and likelihood of
risks are minimized, roles and responsibilities of The Board of Directors

stakeholders are clearly defined, and KEX is The Board of Directors is responsible for supervising
Business Overview
encouraged to achieve its business objectives. the Company’s risk management under the vision and
mission, objectives, strategies, goals of the organisation,
KEX’s Governance and Risk Culture and risk appetite. The Board also oversees the
adequacy of risk management system and internal
KEX has promoted risk management as an important audit, monitors, and evaluates the efficiency and
part of its organizational culture that all employees, effectiveness of the risk management process.
regardless of their levels, must adhere to in order to
achieve the Company’s vision and mission, objectives, The Audit Committee
strategies, business goals, stakeholders’ expectations, As part of governance, the Audit Committee is
and benefits. responsible for ensuring that the Company has proper
risk management system that aligns with framework and
Governance Structure and Practices

Risk Management consists of two levels. The policies. The committee provides opinions on the

implementation of which contributes to KEX’s adequacy of the risk management process and risk-
governance and risk culture formation. related internal control systems.

1. At the Company Level The Risk Management Committee
Risk appetite is defined by top management as be the The Risk Management Committee is responsible for
Company’s reference for making important business reviewing and approving risk management policy and
decisions. The Company has established oversight risk appetite. The committee ensures the Company

Financial Performance
bodies with clearly defined roles and responsibilities takes both internal and external factors into account for

to be closely in charge of risk management with risk identification, assesses the impact and likelihood of

official meetings arranged on a periodic basis to the identified risks, and prioritizes and mitigates risks
discuss important matters, evaluate the effectiveness of properly. The Committee also monitors risk status,
current operations, and determine how existing risk progress of risk management plans, changes in

management can adequately respond to risks and corporate risks, and evaluates the adequacy of

Sustainable Development