Page 167 - SC SCAR 2023 ENGLISH Flipbook
P. 167

                                FIGURE 3
Identification of Emerging Risks Framework
Integrate reviews into the strategic planning process
  Conduct emerging risk reviews
Challenge conventional thought processes and expectations
Apply new and developed methodologies
   Establish a disciplined approach for determining the importance and potential impact of uncertainties on their objectives.
Prioritise most likely to happen and what’s possible with each risk.
Understand and predict risk via scenario planning and simulations.
 Develop a formal documented way of identifying, assessing, and reviewing emerging risks.
                     with risk officers and relevant stakeholders and environmental scanning for emerging risk issues. The outcome of this comprehensive and robust approach is the risk outlook that provides insight into the risk landscape for 2024, which will serve as valuable input for strategic planning processes.
Through early identification of emerging risks, the proactive development of risk mitigation measures and response plans is facilitated, as indicated in Figure 4.
Internal Control Measures
Internal Controls
The SC has implemented a set of internal control measures through policies and procedures that address operational aspects related to governance, staffing, procurement, operational resilience, data protection and risk management. These measures are designed to offer assurance regarding the effectiveness of the control environment.
                                                  Governance and compliance
Ethical conduct and standards of behaviour in the discharge of its duties
Business processes and procedures
Guidance for the SC’s employees in the discharge of their functions
Internal control
Information and knowledge management
Secure, retain, and disseminate information
Operational resiliency
Ability to navigate through uncertainty
Anti-corruption measures
Strong sense of accountability and professionalism

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