The Board of Directors of IPM Holdings, Inc. recognizes the importance of identifying and controlling various risks to prevent undue or uncalculated negative impact on the Company. The Board also recognizes that risk oversight, implementation of comprehensive controls and assurance processes are core functions of the Board.
The Board of Directors shall operationalize a Risk Management Program which shall be guided by the following:
Establish the Company’s risk profile and determine external and internal factors that may influence it;
Identify and characterize specific threats/ risks;
Determine the expected likelihood and consequences of specific threats/ risks on critical Company assets, and the latter’s vulnerability thereto;
Identify ways to minimize said threats/ risks;
Prioritize risk reduction measures based on strategy;
Implement and monitor an appropriate risk mitigation program;
Assess said program’s effectiveness, make necessary adjustments
The Risk Management Program shall be reviewed annually and all material changes to the Company’s risk profile shall be noted. To assist the Board of Directors in conducting the annual review, Management and key executives are required to report to the Board on:
any material risks identified;
how the risks are being managed;
the implementation of any risk management or internal control system; and
whether any breach of the risk management policies have occurred during the period.
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