Risk Management Report (continued) Strategic & Business Risks Risk Response • Strong governance frameworks are in place to ensure effective oversight by the Board and Management Committee. • Regular assessments are carried out to align strategic objectives with risk appetite, regulatory requirements, and market conditions. • The competitive landscape and emerging technologies are closely monitored to ensure the Group proactively adapts to these shifts. • Sustain the Group’s diversification plan and scale up lateral business lines and the client base to broaden revenue streams, while leveraging ESG-related opportunities. • Pursue the Group’s digital journey and leverage innovation in our product offerings, whilst benchmarking against competitors to meet changing customer preferences and demographics. • Investment in business continuity planning, disaster recovery, and cybersecurity are ongoing to ensure resilience against disruptions. • Initiatives are in place to streamline processes, reduce costs, and improve efficiency to help mitigate business risks. STRATEGIC RISKS Risk arising from adverse business decisions, improper implementation of decisions, or lack of responsiveness to changes in the business environment. Reputational Risk Risk Response • The media and social media channels are continuously monitored to keep the Group informed about e public sentiment and potential risks. • A dedicated team responds to misinformation or addresses concerns on social platforms to mitigate any adverse impact. • Customer complaints are managed effectively and in a timely manner to preserve trust. • Established due diligence processes for clients and third parties help avoid associations that could tarnish the Group’s reputation. • Enhanced screening processes ensure alignment with the Group’s ethical standards and risk appetite, minimising exposure to controversial activities. • A comprehensive plan was developed and a Crisis Management governance structure was established for dealing with potential disruptions. STRATEGIC RISKS Reputational risk is the risk of damage to the Group’s reputation as a result of negative publicity, regulatory actions, customer dissatisfaction, litigation, or unethical behaviour. 86
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