Page 60 - Anual report STi 2022_eng

Risk Management in Terms of Mistakes in Performing ● Prepare a succession plan in management positions

Duties to prepare employees for the next level, including selecting
● Control and supervise the work process to be in employees who are likely to develop into executives in the

accordance with the ISO 9001:2015 quality management future to enhance their hard skills and soft skills.
system, which the Company has established by monitoring, ● Provide the use of Big Data technology to collect real
inspecting and evaluating the performance according to the working databases from past projects to be used as a
entire organization's quality management system. database to make accurate decisions without relying solely

● Organize knowledge training, review, and adjust work on the experience of executives.

processes in order to supervise and inspect work processes Risk From Future Business Growth
to reduce errors in work. The engineering consulting and design business is a
● Arrange for consultants or specialists to examine the business that depends on the development of real estate

drawings or approval details in complex matters or potential projects and large construction projects of the government
risks. sector, which are expanding according to the economic

● Conduct a customer satisfaction survey on the situation. Therefore, the Company Group is at risk from
service performance of the companies to measure the constraints on the market that may contract due to the
success of the work. economic slowdown or the constraints of the government
budget.
● Develop application to enhance the work process to
add value to the service work and support the work process The Company Group has monitored and forecasted

to be convenient, fast, accurate, reduce errors from work. As changes in both economy and technology. There is a risk
a result, the quality of project management is reliable and management in the aforementioned issues as follows:
meets the needs of customers. Details can be found in the ● Find joint venture companies whose business tends
innovation development section. to grow in the future.

Risk From Dependence on Executive and Personnel ● Create cooperation with CLMV foreign partners to

The Company's business operations rely on people with work in such country.
knowledge, expertise, and experience in working, analyzing, and ● Improve work by introducing information technology
planning various construction projects according to the plan. to increase the efficiency of the frontline team and reduce the

However, if the Company relies too much on any one group of number of employees in the branch office to increase
key personnel or loses those capable personnel, it will affect the profitability.
ability to accept work, as well as future operations of the 2.2.2 Financial Risks
Company. Risk From Liquidity Management

Nowadays, the Company Group has established a The Company's business operations have operating
management plan for such risk as follows: costs as personnel expenses which are recurring expenses

● Create an organizational structure by separating continuously while the Company's income comes from service

duties and responsibilities to each work field and train income under construction consulting contracts and will be
personnel internally or recruit suitable external personnel to able to collect when the work is completed according to the
lead each field to reduce reliance on key executives. period. The Company therefore has both income and expenses
that occur in each monthly cycle. Most of the effects arising

58 Annual Report 2022 (56-1 One Report)