Page 35 - One report AUCT2024_Eng

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Risk management
Risk management policy and plan
The Company emphasizes the importance of risk management and continues consistent development by implementing the International Standard Guidelines of COSO, The Committee of Sponsoring Organizations of the Treadway Commission, as a reference standard. The main goal of risk management is determining to manage risks that could affect the corporate achievement. This is done in order to decrease the probability that risks will occur or reduce the impact if an event occurs and/or to obtain business opportunities.
The Company’s structures of risk management are categorized into 3 levels. These levels are corporate level, field level or business unit level and operational level. The Corporate Governance and Risk Management Committee is comprised of directors that have been appointed to define the policies and the scope of operational risk management. This includes follow-ups, scrutinizing, and giving comments and recommendations regarding the tasks of governance and risk management. There is the Risk Management Committee which consists of the Company’s high-ranking executives or representatives from various departments to closely monitor risk management operations.
Risk factors on business operation
Risk factors in the Company’s business could significantly impact the Company’s business performance and financial status along with the return investment of shareholders. These factors can be summarized as follows:
1. Risk factors on business operation
1.1 Risk of Fire
The Company realized and emphasized the importance of damages caused by fire that may affect the customer's products/property. As a result, the Company organized preventative measures for the risk of fire by regularly inspecting buildings, facilities and electrical systems. The Company organized preventative training, classes on extinguishing fires, and fire drills for employees. The Company monitored and maintained the functionality of closed circuit cameras at all times, prepared electrical system assessment plans that included all electrical devices, inspected fuel storage safety, put materials in place, prepared and installed a sufficient amount of fire equipment which covered every area in order to reduce the risk of
Part 1
Business Operation and Operating Results
บริษัท สหการประมูล จากัด (มหาชน)
35
Union Auction Public Company Limited