2012 Annual Report - Media Prima Berhad

• GRM also conducts risk assessments for every
unit of the Group and assists staff in understanding
the application of the process. The Risk
Management Framework ensures a consistent
system of risk management across the Group with
clear executive support. Each appointed divisional
Risk Liaison Officer is responsible for risk
management activities in their specific division.
• The principal reporting responsibility of the
respective departments is to submit quarterly risk
assessment reports on the key risks as identified
by the Group-wide risk assessment process.
• Based on the compilation and analysis of risk
monitoring results, Risk Profile Review Reports are
then prepared and presented to the Group Risk
Management and Audit Committee (GRMAC),
RMC and the Board on a quarterly basis for
evaluation as well as to recommend effective
control measures and risk mitigation strategies.
Internal Audit Function
• The Group internal audit function was set up by
the Board to provide independent assurance of
the adequacy of risk management, internal control
and governance systems. Group Internal Audit
activities are guided by an Internal Audit Charter
which is approved by the Audit Committee.
• The Group’s internal audit function undertakes
regular reviews of the Group’s operations and its
system of internal controls. The internal audit
function reviews the Group’s activities based on
an approved audit plan presented to the Audit
Committee. The audit plan is developed based on
the risk profiles of the respective business entities
of the Group identified in accordance with the
Group’s Risk Management Framework, input of
the Senior Management and the Board.
• Internal audit findings are discussed at
management level and actions are agreed in
response to the internal audit recommendations.
The progress of implementation of the agreed
actions is being monitored by Internal Audit
through follow up reviews.
TELEVISION
NETWORKS
RADIO OUTDOOR
NETWORKS
• The internal audit function has a clear line of
reporting to the Audit Committee and the Audit
Committee determines the remit of the Internal
Audit function. Thus, the internal audit function is
independent of the activities being audited and is
performed with impartiality, proficiency and due
professional care.
Board of Directors
• The Board meets at least quarterly, and more
frequently when required, to review and evaluate
the Group’s operations and performance and to
address key policy matters. The Group Managing
Director leads the presentation of Board papers
and provides comprehensive explanation over
pertinent issues.
• The prerequisite to decisions made in the meeting
is the thorough deliberation and discussion by the
Board, together with recommendations and
feedback from Management. In addition to
quarterly financial results, corporate proposals,
Group’s Risk Profile, progress reports on business
operations are also tabled at the Board’s quarterly
meetings.
Independence of the Audit Committee
• The Audit Committee is comprised of four (4)
Non-Executive Directors who are highly
experienced and whose knowledge, background
and judgement are invaluable to the Group. The
Audit Committee have unimpeded access to both
the Internal and External Auditors and has the
right to convene meetings with the auditors
without the presence of Executive Directors and
Management.
• The Audit Committee reviews the work of the
Internal and External Auditors, their findings and
recommendations to ensure that it obtains the
necessary level of assurance with respect to the
adequacy of the internal controls. Further details
of the activities undertaken by the Audit Committee
during the year are set out in the Audit Committee
Report on pages 128 to 134.
PRINT
CONTENT
CREATION
NEW MEDIA
123
annual
report
2012
From Our Perspective Who We Are Our Strategy & Achievements Our Performance Our Responsibility Our Leadership Corporate Governance The Financials Additional Information