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annual report | 2012 Gunung Capital Berhad (330171-P)<br />
30<br />
STATEMENT ON INTERNAL CONTROL<br />
AND RISK MANAGEMENT (cont’d)<br />
INTERNAL CONTROL ENVIRONMENT ELEMENTS (cont'd)<br />
Strategic Planning and Performance Monitoring<br />
• Establishment of a clear Gunung Group’s vision, mission, short and long-term strategic and action plan.<br />
• Establishment of performance monitoring as tool for Management to monitor performance and measure against the<br />
corporate objectives approved by the Board, covering all key financial, customer, operational, people, systems and<br />
organizational indicators.<br />
Insurance on Assets<br />
• Gunung Group purchase insurance on all its assets and liability coverage for accidents, bodily injury or property<br />
damage;<br />
• Insurance coverage is reviewed regularly to ensure comprehensive coverage in view of the changing business environment<br />
or assets.<br />
Business Continuity Management<br />
• Gunung Group has identified the potential events that threaten its organization and established a framework for<br />
building resilience and the capability for effective response which safeguards the interests of its key stakeholders,<br />
reputation, brand and value creating activities in the event of disaster.<br />
Internal Audit<br />
• Reviews of the internal control system are carried out on a regular basis by the Internal Audit Department. The result<br />
of such reviews are reported once every quarter to the Audit Committee and then via the Chairman to the Board of<br />
Directors.<br />
• Internal control weaknesses identified during the financial period under review have been or are being addressed by<br />
Management. None of the weakness has resulted in any material loss that would require disclosure in Gunung Group<br />
statements.<br />
The Board remains committed towards the establishment of a sound system of internal control and therefore recognizes<br />
that the system must continuously evolve to support growth. In striving for continuous improvement, the Group will put in<br />
place appropriate action plans, when necessary, to enhance the Group’s system of internal control.