115 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 Thai AirAsia Risk Management Department Responsibilities The Risk Management Department is responsible for carrying out the Company’s risk management process both at the internal and industry levels in accordance with the ISO 31000 framework and AirAsia Group’s risk management policy. The department coordinates with units and offices across the Company to complete the risk management process (identification, evaluation, mitigation, monitoring and reporting) and issues reports to top-level management and the Group. The Company holds at least two Risk Management Committee meetings a year. The committee consists of the Chief Executive Officer, head departments and managementsworking togetherwith theRiskManagement Department, which is responsible for coordinating and facilitating cooperation between operational level and management level as well as promoting accurate understanding of risk management and affirming the Company’s culture throughout its structure so employees may realise their duty in risk management. The Risk Management Department compiles risk management reports and presents them to management on a quarterly basis so risks may be acknowledged, monitored and evaluated and management plans may be improved. At the same time, the Company targets all management and employees undergo risk management training to promote awareness and methods for risk management as well as practices for optimum risk management across the Company. The Risk Management Department created the Risk Management Awareness course in an e-learning format to meet this target. Risk Management Process The Company’s Risk Management Process comprises six steps, which encompass four risk management groups, namely; Strategic Risk, Financial Risk, Operational Risk and Compliance Risk. The Company has begun revamping its risk management policy to account for Environmental, Social and Governance (ESG) matters and will begin implementing the new policy next year. The Group is also in its early stages of integrating ESG risks into their enterprise risk management framework, and will be in full effect in the next year. Moreover, Thai AirAsia manages risks proactively, identifying emerging risks by surveying and analysing new risk factors extending from existing risks and tracking present trends so that it may stay in step with circumstances and manage any possible impacts to its objectives. 1 Identify Objective 2 Identify Incident (Risk) 3 Evaluate Risk 4 Consider Risk Response 5 Implement Risk Controls 6 Monitor Risk
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