Page 117 - Thailand Post Annual Report 2024

Part 1
Overview of the Organization
Part 2
Business Trends
Part 3
Business Model
Part 4
Strategies and Resource Allocation
Part 5
Risk
Part 6
Corporate Governance
Part 7
Operating Results
Part 8
Other Information
Disclosure of Data
management. The Corporate Governance, Risk Management and Sustainability Development Subcommittee reviews and approves risk management plans, including identifying and assessing organization-level risks, as well as monitoring risk management performance. The Risk Management and Internal Control Working Group presents policies and practices, develops risk management systems aligned with international standards and state enterprise performance evaluation criteria, and the Internal Audit Office reviews the effectiveness and efficiency of the risk management processes.
» Internal Control
Recognizing the benefits of good internal control
system, THP has established an internal control system and evaluation of the internal control that adequately cover all activities and services and are suitable for business operations in accordance with the Ministry of Finance’s Rules prescribing Standards and Criteria for Internal Control of Government Agencies, B.E. 2561 (2018), to achieve operation objectives by supervising the effective and efficient management and use of resources, maintenance of assets, prevention or reduction of faults, damage, leakage, waste or corruption; reporting objectives, both financial and non-financial reports, which have to be prepared correctly, transparently, reliably and timely; and compliance objectives by supervising the compliance with applicable laws, rules, regulations and working methods. Regarding internal control structure, the THP Board of Directors is responsible for determining the internal control policy, while the Corporate Governance, Risk Management and Sustainability Development Subcommittee supervises the implementation of such policy as well as approves the internal control action plans that have been considered and screened by the Risk Management and Internal Control Working Group. Results of the implementation will be monitored on a quarterly basis. The Internal Audit Office is responsible for reviewing the adequacy and effectiveness of the internal control processes in accordance with the principle of Three Lines of Defense.
THP established a (physical) information center at the Headquarters Building, on the first floor, Zone A and established an electronic information center (http:// www.oic.go.th/infocenter6/619) to provide news and information of THP. The general public and interested persons can examine, study and disseminate news and information as prescribed under Section 7 and Section 9 of the Official Information Act, B.E. 2540 (1997). Significant information is disclosed in the annual report as required by the State Enterprise Policy Office, including :
• General information of the state enterprise
• Organizational management structure
• Capital structure
• Key investments at the present and in the future • Organization’s performance
• Organizational management
• Report on performance according to good
corporate governance policy.
• Report on operations of the organization • Financial reports
Risk Management and Internal Control
» Risk Management
THP places importance on risk management under
a continuously changing business environment due to internal and external factors, by adopting the guidelines in accordance with the international standard COSO - ERM 2017 and the criteria of regulators as guidelines for risk management operations covering all levels throughout the organization. Hence, THP has established integration policies for the management of governance, risk and compliance (GRC), as well as risk management policies to which all personnel must adhere to, and the monitoring and reporting of the key risks, including strategic risk, operational risk, financial risk, compliance risk, and emerging risk, to be able to respond to risks and threats in a timely manner and at an acceptable level, and ensure that THP will carry out the task successfully according to the strategy that are reasonably defined. In terms of risk management structure, THP has established the structure for supervising risk management to ensure that risk management is in line with good corporate governance principles and in compliance with relevant laws and regulations. The THP Board of Directors sets the governance policies and provides recommendations on risk
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