Annual Report 2019

A SNAPSHOT OF OUR CURRENT RISK PROFILE WITH A FORWARD-LOOKING FOCUS FOR THE COMING YEAR Cim Finance Ltd (CFL), as the flagship company of the Group, has had a positive outlook with an asset growth of 22% in its core consumer finance business with an increasing customer base. We continued to diversify our business in leasing and factoring. We have adopted innovative ways of doing business by introducing a digital platform for our retail merchant partners. Our financial performance was underpinned through several initiatives to enhance controls and to maximise returns for stakeholders. MAIN ACHIEVEMENTS 1 Enhanced the Enterprise Risk Management Framework including risk strategy and risk appetite in an environment dominated by unprecedented levels of change 2 Established a strong independent risk management function supported by the recruitment of a Chief Risk Officer and other risk specialists 3 Enhanced and maintained risk governance structures with the formation of new management forums such as the Portfolio & Credit Risk Forum, Operational Risk Forum and Policy & Process Review Forum 4 Monitored progress in the implementation of regulatory guidelines with respect to IFRS 9 provisioning, Data Protection Act and other guidelines from the regulator 5 Heightened the focus on operational and IT risk through various operational risk initiatives 6 Elevated the focus of the Group’s cyber security risk management by implementing a SIEM (Security Information and Event Management) in view of rapidly changing technological, digital and cyber landscapes with heightened cyber risk exposure 7 Continued focus on assessing, monitoring and overseeing business with the support of robust application and behavioural credit scorecards; and establishment of relevant credit policies and prudential limits 8 Enhanced KYC policy and procedures in line with updated legislation. An Anti-Money Laundering (AML) training programme was set up to ensure immediate training for all new recruits and ongoing annual refresher training for all staff through our e-learning platform as well as through classroom training sessions 51