Risk Management, Internal Control, and Business Continuity Management
Global Power Synergy Public Company Limited, the company, has always recognized the significance of Enterprise Risk Management and Internal Control. For risk management, the company’s Board of Directors, has appointed the Risk Management Committee (RMC) to be responsible for assessing and managing the corporate risk factors of the entire company according to the global standard framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) as well as that of ISO31000:2018.
The company has essentially divided the Enterprise Risk Management into two levels;
- Corporate Level: controlled and managed by Risk Management Committee (RMC)
- Functional Level: monitored by management committee in order to maintain the residual risk within risk tolerance
As to assure the importance of corporate governance, the company is highly focused on the Internal Control reflected by the Internal Control Policy, which has been adopted as the guidance for all employees to comply with rules and regulations.
GPSC’s Internal Control consists of the following 5 interrelated components:
- Control Environment
- Risk Assessment
- Control Activities
- Information and Communication
- Monitoring Activities
In addition, the company has also prepared its readiness by promoting the Business Continuity Management Policy to effectively respond to threats and crisis. The Business Continuity Plan is established by identifying with 3 scenarios;
- Power Plant Shutdown
- Workplace Prevention
- Failure of Information Technology System