riskmanagement
Risk Management Overview
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 Business Operations |
 Risk Function |
 Internal Audit |
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| EXTERNAL AUDIT | REGULATOR | ||||||||||||||||||
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The Group has a defined step by step approach with respect to risk management. The below diagram illustrates the high level process, whereby risks can be managed through the 4 T’s, at each step.
Risk Control Framework
The diagram below illustrates how the Group’s risk control framework minimizes the number of inherent risks to residual ones. The duty of the risk management is to continuously review the internal controls of the inherent risks and to closely monitor the residuals risks while taking actions where and when appropriate.
Risk Management Responsibilities
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.
STRATEGY, RISK APPETITE & POLICY
Doing and recording
- Develop and implement internal controls within the key processes of operational clusters according to risk appetite statement
- Manage risk
- Escalate new risk
and Compliance
Internal verification
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Objective oversight of risks. Key activities include:
- Designs and deploys the overall risk management and compliance frameworks
- Develops and monitors policies and procedures
- Monitors adherence to framework and strategy
Independent verification
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Independent and objective assurance over the effectiveness of corporate standards and business compliance:
- Independent assurance that the risk management process is functioning as designed and identifies improvement opportunities
The Risk Profile
