The Group has a defined step by step approach with respect to risk management. Risks can be managed through the 4 T’s, at each step.


  • TREAT: Take action to control the risk either by reducing the likelihood of the risk developing or limiting the impact it will have on the project.
  • TRANSFER: Some of the financial risks maybe transferable via insurance or contractual arrangements or accepted by third parties.
  • TOLERATE: Nothing can be done at a reasonable cost to mitigate the risk or the likelihood and impact are at reasonable level.
  • TERMINATE: Do things differently and remove the risk.


Types of Risks - Inherent versus Residual

The inherent risk is the one that exists before a company addresses it, that is the risk to the Group in the absence of any action taken to alter either its likelihood or its impact. Every company faces it, not all manage it effectively. These risks are reflected mainly on how you do business; its complexity, growth, changes; the staffing; technology and the organizational structure.

The residual risk is also known as “vulnerability” or “exposure”. It is the risk that remains after the company has attempted to mitigate the inherent risk.

Our latest Risk Management report can be downloaded here.

Risk Control Framework
Risk Management Responsibilites
  • MUA has adopted the ‘three-lines-of-defence’ model where ownership for risk is taken at all levels in the Group. This model is widely adopted by financial services companies globally. It clearly sets out the risk management responsibilities across the business and is consistent with the current regulatory risk-based approach, encompassing corporate governance, processes and controls.

Risk Management Framework
  • MUA’s risk management framework forms an integral part of the management and Board processes as well as the decision-making framework across the organisation. The key elements of the risk management framework are illustrated. Download...

Risk Appetite
  • The risk appetite is the level of risk the Group acknowledges and is willing to accept in the pursuit of its strategic objectives. The strategic and operational planning process supports the group in optimally exploiting its opportunities. This involves the consideration of the portfolio of opportunities identified by businesses, leading to decisions by the Board in relation to the opportunities the group wishes to pursue.



The full Corporate Governance Report of 2019 can be downloaded here.


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