O N E R E P O R T 2 0 2 2 OVERVIEW BUSINESS OVERVIEW AND PERFORMANCE CORPORATE GOVERNANCE FINANCIAL INFORMATION SUSTAINABLE BUSINESS DEVELOPMENT 43 RISK MANAGEMENT (GRI 2-16) The aviation industry continued to face a number of changes in 2022, as a consequence resulting in the risk in our operation. Asia Aviation realises the importance of risk management in order to ensure the efficient management of the Company and its subsidiary company. Risk management has been an important foundation helping assist the Company to achieve sustainable objectives and is one of the fundamentals essential to build confidence among all stakeholders and considered to be a part of good corporate governance. Risk management aids to support management for better quality data in decision making at the intense rapid changes in the aviation industry. Also, risk management reduces the uncertainty to the operations, improves resource deployment for maximum efficiency, supports proper projection of performance results, and improves risk culture and communication. Since Asia Aviation operates by holding shares in Thai AirAsia, therefore, a risk management system has been established at Thai AirAsia which is a subsidiary that operates the main business for the Company. Thai AirAsia is committed to implementing Risk Management in both [1] Enterprise Risk Management Risk Management Business Continuity Management Enterprise Risk Management Compliance Risk Financial Risk Strategic Risk Operational Risk Emerging Risk based on the ISO 31000 international standard principles and [2] Business Continuity Management based on the ISO 22301 international standard principles. The risk management policy has also been wide-spread through corporate culture to employees at all levels in raising awareness and emphasising that it is the duty of all employees to consider the importance of risk management. Employees must be able to apply risk management methodologies to align operations across the organisation, which would give the greatest benefit to the Company in achieving good business performance, reducing negative impacts on society and environment and any impact that may occur to the business as much as possible. The Risk Management Committee(1) consists of the Chief Executive Officer and the management from the key departments reviewing and managing risks from both internal and external factors. The Committee plays an important role in supporting risk management from top down communication across the Company, accentuating positive means and assisting relevant methodologies for consistent risk management practises throughout the organisation. Furthermore, the risk management policy continues to be highlighted through corporate culture to employees at all levels. This ensures that all employees are aware and recognise the importance of risk management. The Risk Management framework of Thai AirAsia consists of the following five categories namely Strategic Risk Operational Risk Financial Risk Compliance Risk 1 2 3 4 5 Emerging Risk (1) Scopes, duties and responsibilities of the Risk Management Committee and Risk management processes are disclosed under the heading “Risk Management Policy” on the Company’s website at https://www.aavplc.com
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