CIM FINANCE. INTEGRATED REPORT 2022 | 85 Communication with shareholders and stakeholders is mainly done through the Annual Report, Investors’ Briefings, the published unaudited results, the Annual Meeting of Shareholders (‘AMS’), dividends declarations, press communiqués and the website. The Group interacts with its internal stakeholders, namely its employees, via Workplace, a collaborative platform run by Facebook where employees can access and use social networking features in a corporate environment. Through the platform, employees can communicate with one another via groups. The external stakeholders of theGroup, namely its customers, suppliers, shareholders, theGovernment/ regulators and the public, are reached via social media platforms such as Facebook and LinkedIn, as well as via advertisements. As and when required, focus groups are held with clients to assess their expectations from the Group. Regular channels of communication are also maintained with the regulators and the Government. In addition, shareholders are invited to the AMS on an annual basis to approve the financial statements and vote on the re-appointment/appointment of Directors and the external auditor. The AMS for the year 2022 was held in February 2022. The next AMS of the Company is scheduled inMarch 2023, and shareholders will receive the notice of the AMS at least 21 days prior to the meeting in accordance with the law. The Integrated Report, which also includes the notice of annual meeting, is published in full on the Company’s website. Shareholders also have the option to request a soft copy of the Integrated Report. 4. RISK MANAGEMENT The Group is subject to a number of risks and uncertainties in carrying out its activities. The activities related to Risk Management, the material risks and steps taken to address known weaknesses in internal controls are set out in the Risk Report on pages 62 to 72. 5. INTERNAL AUDIT FUNCTION GOVERNANCE AND STRUCTURE During the year under review, the Internal Audit Function performed audit, advisory and investigation engagements for CIMFinancial Services Ltd (‘’CFSL’’) as per the Risk-Based Internal Audit Plan approved by the Audit andCompliance Committee (“ACC”) of CFSL. The main role of the function is to provide independent, objective assurance and consulting activity designed to add value and improve the company’s operations. The Internal Audit Function is independent of ExecutiveManagement and functionally reports to theACConaquarterly basis. The Head of Internal Audit presents audit reports to the ACC, and discusses key issues contained therein. The Head of Internal Audit has a direct reporting line to the Chair of the ACC, and has regular meetings with the Chair, thereby further establishing Internal Audit’s independence. The ACC approves the Risk-Based Internal Audit plan, ensures adequate resources are available to deliver on the plan and evaluates the effectiveness of the Internal Audit Function. In addition, the ACC monitors the progress in achieving the Risk-Based Internal Audit plan on a quarterly basis. Moreover, in the performance of their duties, the Internal Audit Function has unrestricted access to all documents, key personnel, andManagement staff. Therewas no limitation of scope placed on the internal auditors in conducting the audits. Internal audits are carried out in accordance with the Standards for the Professional Practice of Internal Auditing issued by the Institute of Internal Auditors (IIA). Internal audit staff also abide by the Code of Ethics established by the IIA and by CFSL. The Internal Audit Functionwas restructured and segregated into two units, namely the Risk-based unit and IT unit. The Risk-Based unit performed assurance engagements in linewith the definition of the IIA, as well as investigations, independent reviews, etc. The IT unit, for its part, performed engagements where a high reliance on Information Systems and Technology was required. Both units use a risk-based approach when building up the Internal Audit Plan for the year. The structure, organisation and qualifications of the key members of the Internal Audit team are listed on the Company’s website. During the year under review, the Internal Audit teamcarried out 26 internal audit assignments for CFSL consisting of risk-based, IT, advisory and investigation engagements. In addition, follow-up audits (reviewof the implementation status of recommendations) alongwith fraudmonitoring using data analytics were carried out throughout the year.
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