Page 114 - One report AUCT2024_Eng

Part 2
Corporate Governance
of connected transactions, care for and efficient use of any property in order to prevent any corruption or misconduct. The Company organized assessment processes and balances by arranging an internal audit office which is independent and directly reports to the Audit Committee and appointing an outsourced independent internal audit to review and examine the efficiency and adequacy of the internal control systems. This included risk management and good corporate governance systems of business operations for every department in the Company. This was done by complying with the international standards of the internal control systems of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and Enterprise Risk Management along with the regulations and guidelines of the Stock Market of Thailand and the Thai Institute of Directors. These were applied in internal controls, risk management and the monitoring and supervision in order to be more complete so that the Company is as efficient and effective as possible.
Risk Assessment
The Company realized the importance of risk management which could affect business operations from both external and internal factors. In this regard, the Company appointed a Corporate Governance and Risk Management Committee to be responsible to monitor and supervise Company risk in order to be aligned with the Company’s acceptable target levels. Risk management policies were defined for everyone to follow. This was done by assessing and managing any risks from both external and internal factors. This covered risk from all areas such as operational strategies, finances, compliance with laws and regulations, reputation, and safety from hazards, and disasters including any situation regarding corruption risk. The operational risk management group is responsible for reporting the results of the risk assessment to the Corporate Governance and Risk Management Committee and the Board of Directors to acknowledge and reviewing any changes to external and internal factors that could affect the corporation every year.
Control Activities
The Company organized internal control measures that complied with the risks and business types by clearly allocating responsibilities for each position and organizing and reviewing manuals and operational procedures regularly to fit with corporate structure and present business operations. Especially in the area of critical risks to prevent and decrease mistakes in areas such as financial transactions, auctions, procurements and property care. The internal audit division reviewed the operational results in order to regularly align them with the rules and regulations and the operational manual. This ensured that the internal control system were sufficient, appropriate and effective. Information technology was also implemented to enable the business operations to be faster and more effective.
Moreover, the Company stipulated policies, rules and regulations concerning connected transactions follow the same direction. For example, major shareholders, directors, executives and relevant people were
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Annual Registration Statement / Annual Report 2024
(Form 56-1 One Report)