PR1MA recognises that risks are an integral and unavoidable component of its business. These risks, which are characterised by threats and opportunities, are dynamic and ever present in PR1MA’s operating environments. The objectives and purpose of risk management framework is to be implemented and maintained by PR1MA, which will allow management to manage risks within defined risk parameters, risk tolerances and risk management standards. The ever evolving and uncertain nature creates the needs for PR1MA to manage risks in an informed and structured way.

PR1MA also accepts that embedding risk management within PR1MA’s operation is an integral part of good corporate governance as it provides insights, improves decision making and enhance outcomes. An embedded risk management process will also strengthen management accountability. PR1MA risk management adopts the ISO31000:2009 International standard: Risk management – Principles and guidelines as its main practice guide. This Standard provides the principle and generic guidelines on risk management and can be customized to suit PR1MA’s needs and relevant activities.

PR1MA Enterprise Risk Management (ERM) Risk Register is a document used as a risk management tool and to fulfil regulatory compliance acting as a repository for all risks identified and includes additional information about each risk, e.g. nature of the risk, reference and owner, mitigation measures.

Risk Management section under Governance, Risk and Compliance department monitors the ERM quarterly by series of detailed engagement sessions with all fourteen (14) Risk Champions from all divisions/departments within PR1MA on their ERM Risk Register. PR1MA high risks or very significant risks are reported to ARMC every quarterly.

On 29 January 2019, Malaysia’s 7th Prime Minister, Tun Dr Mahathir Mohamad, had launched the National Anti-Corruption Plan (NACP) 2019-2023 as one of the government’s initiatives in realizing the government’s manifesto towards a nation with integrity and free from corruption. The full details of NACP is elaborated in the Arahan YAB Perdana Menteri No.1 Tahun 2018 Siri 2 Tahun 2019 – National Anti-Corruption Plan 2019-2023.

PR1MA was advised by KPKT in September 2019 to action on Strategy 6 which focuses on Inculcating Good Governance in Corporate Identity. Strategy 6 falls under Strategic Objective 6.2 which emphasizes on Greater Corporate Entities Resilience against the Threat of Corruption.

The OACP is formulated with the aim of assisting and helping the organisation to develop its own corporate anti-corruption strategy plan. It outlines the problem statement, approaches and programme relevant to all aspects in improving the plan such as task implementation and service delivery. The plan also aims at allocating appropriate resources necessary for the fulfilment of the stated policy, specifying reasonable timeframe, drawing the path towards the achievements of the strategic objectives.

PR1MA OACP which was approved in May 2020 focuses on five (5) main strategies to be implemented which includes Development, Sales and Marketing, Finance, Procurement and Governance. This plan is being monitored and evaluated quarterly by Risk Management section to identify gaps in the implementation of certain initiatives and to adjust accordingly to achieve the desired outcome.

Copies of OACP booklet are available for viewing and can be requested from Risk Management section via [email protected].

Corruption Risk Management (CRM) is a management process that helps organisations to identify the risks of corruption, abuse of power and embezzlement. It offers a systemic risk management plan in establishing good governance which reduces the opportunity for corruption, abuse of power and embezzlement.

The objectives of CRM are as follows:-

• To identify structural weaknesses that may facilitate corruption

• To provide a framework for all staff to take part in identifying risk factors and treatments

• To embed corruption prevention within a well-established governance framework

PR1MA CRM Plan was approved in September 2020 (based on SPRM template). This plan is being monitored and evaluated quarterly by series of detailed engagement sessions with all fourteen (14) Risk Champions from all divisions/departments within PR1MA.