Page 127 - MSM_AIR2021

SUSTAINABILITY JOURNEY HOW WE ARE GOVERNED FINANCIAL STATEMENTS ADDITIONAL INFORMATION 125

Risk Management Stakeholder Engagement

MSM’s structured risk management framework established MSM Group strives to engage actively with the following
under the Risk Management Policy enables MSM to facilitate six categories of stakeholders to manage their expectations
risk assessment process and mitigation plans to achieve by providing adequate information in appropriate forms for
a strategic vision and aspirations to be amongst the top effective communication. We place Consumers & Customers
sugar-business companies globally. The framework is first as our top priority stakeholder group.
designed to identify, assess and prioritise risks and
opportunities, including ESG risks that impact our business. 1 Consumers & 4 Regulatory Agencies &

To ensure effective oversight of risks at enterprise-wide Customers Statutory Bodies
level, risk management is embedded into our key processes Vendors, Suppliers &
and activities. The Enterprise Risk Management Framework 2 Employees 5 Industry Partners
is designed in accordance with the ISO 31000:2018 Risk Shareholders
3 & Investment 6 Communities
Management-Guidelines. Media, NGOs and
The CGRM Department is the custodian of Group’s risk profile. Community
The Board, assisted by the BGRC, has the overall responsibility
to review the effectiveness and adequacy of MSM’s risk During the year, the Group emphasised on-ground and face to
management and internal controls. face engagement with key customers and industry players to
fortify relationships and create better value delivery synergies.
With a structured risk framework, potential risks are tracked in However, due to the pandemic and movement restrictions,
the risk registers of each operating company and are reviewed virtual engagement channels were employed to reach out to
on a quarterly basis by CGRM jointly with the respective the community and authorities such as the DOE.
risk owners from the operations to assess the analysis and
mitigation measures, and where applicable, ensure action Details on our engagements with our stakeholders are
plans are effective and adequately documented. CGRM covered on page 102
publishes its quarterly risk report to the Management, Board
Committees and Board on the key risks horizon covering the
top 10 and other key risks. Materiality Assessment
Our approach to ESG is currently aligned to our business
Further details on the Key Challenges & Mitigations are strategy and this approach is informed by our understanding
covered on page 74, and further details on MSM’s Risk of the issues that are most material to us as a business and to
Management are disclosed in the SORMIC section on the communities we touch, and in turn by the priorities we are
page 251
setting for ourselves along our value chain.
In FY2021, we continued to internally assess and review
our material matters for their relevance and changes to the
risks and opportunities impacting our business. We have
streamlined the material matters, as reported on page 126
and in our previous report in 2020. This year we highlight
those that remain relevant and important to us while we
progress to refine our priorities in the coming year. We have
also enhanced our disclosures on our material topics,
and where applicable, aligned these with the relevant GRI
standards and identified the UN SDGs most relevant to
our sustainability effort in FY2021.

Details on our Materiality Assessment are covered on
pages 96 to 101