Sustainability Report 2016 - page 11

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NEW WORLD GROUP
SUSTAINABILITY REPORT 2016
I M A G I N AT I ON
CASE STUDY
REINFORCING OUR RISK MANAGEMENT FRAMEWORK
In December 2014, the HKEx revised Appendix 14 of the CG Code, requiring all Hong Kong
listed companies to reinforce their risk management disclosure. To comply with the new
requirement, NewWorld Group will start reporting based on the revised Code from the new
accounting year on 1 July 2016.
In preparation for the change in the Code, in March 2016 we updated our Group Risk
Management Policy under which the Group’s department heads and heads of subsidiary
businesses must identify key risks such as operational and health and safety risks within
their respective areas and report them to the Internal Audit function and Risk Management
Committee every six months.
In addition to this, we began promoting the revised policy internally and trained different
levels of the staff to raise awareness of the new risk management framework on specific
topics such as cybersecurity and intellectual property rights. A total of 450 employees were
engaged in the training sessions.
According to Teddy Liu, General Manager – Group Internal Audit, “The requirements on risk
management are getting more stringent so it is vital that we train our staff to make them fully
aware of the changes in the laws. We encourage them to identify risks in their own areas and
pay attention to specific risks.”
ESG related risks have also been incorporated into our revised risk management framework
to support the integration of sustainability into our business and improve disclosure of our
ESG performance, as required by Appendix 27 of the Main Board Listing Rules.
As this process becomes more established, we will consider how to apply the Precautionary
Principle in our approach to potential environmental impacts of the Group. In accordance
with Principle 15 of the United Nations (UN) Rio Declaration on Environment and
Development, 1992, we will take a preventive and proactive approach to avoid severe or
irreversible environmental damage.
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