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▶️Risk Management
Organizational Structure of Risk Management
WPG Holdings’ highest decision-making body for risk management is the Risk Management Steering Team, which is composed of the CEOs of the four major sub-groups and the CEO of WPG Holdings. Among them, the CEO of WPG Holdings is the convener of the decision-making team, and directly reports decisions to the Board of Directors.
The convener of the Risk Management Steering Team (the CEO of the Holdings) convenes monthly meetings with the risk management units of each group who report the results, and the CEO of the holdings proposes the guidance and decision-making of risk management plans to strengthen risk management. Consequently, WPG Holdings Risk Management Service Department, which operates independently of the business unit, integrates the risk identification, evaluation, prioritization, implementation of action plans, and risk disclosure of the risk management units of each sub-group, and debriefs with the convener of the Risk Management Steering Team.
The WPG Holdings Risk Management Service Unit regularly compiles the risk management results and reports them to the Audit Committee. The Audit Committee provides recommendations on a semi-annual basis and adjusts the action plans based on the management improvement recommendations directed by the Audit Committee, and the CEO of WPG Holdings communicates and discusses them with each group at the monthly meetings. The WPG Holdings Risk Management Service Unit compiles the annual risk management performance and reports it to the Board of Directors every year.
Risk Management Process
The risk management process of WPG Holdings includes Risk Identification, Risk Measurement, Risk Response, Monitoring and Review, as well as Report Communication and Consultation; this management structure follows the management spirit of PDCA (Plan, Do, Check, Act), and the identification of emerging risks has been integrated into the risk management.
- Risk Identication
- Risk Evaluation
The risk evaluation is executed by the functional supervisors of WPG Holdings to conduct risk identification and evaluation, sort and identify the impact and vulnerability. Finally, the key risks are identified according to the risk score. Each corresponding unit responds to, executes, and follows up with the action plans for the key risks. The Risk Management Service Department monitors, tracks, and reports monthly.
- Risk Monitoring
Each functional unit shall monitor related risks and formulate corresponding control measures.
- Risk Response and Tracking
WPG Holdings Risk Management Service conducts monthly follow-up management of key risk response strategies and reports to the convener of the Risk Management Steering Team.
Identication of Key Risks and Risk Control Measures
Year 2023 Risk Management update
- Risk Management Service Unit is responsible for tracking the key risks response on a regular basis and reports to the Board of Directors once a year.
- Conduct Business Continuity Management for self-owned warehouses, Dong-guan outsourced smart warehouse, and the offices, build up the responsive plans for key risks, and to perform the practical or desk BCM drill.
- To well managed the risk of inventory and AR overdue, the key risk indicator (KRI) management schemes are built up and in place. The risk alert data have been monitoring every month carefully.