Risk Management Policy
RiskManagement Policy and Implementation Plan
Siam Wellness Group Public Company Limited places great importance on corporate governance, especially effective risk management at the strategic level of performance and decision-making for new business investments. The company aims to create awareness of risk management among all employees to generate added value for the organization, shareholders, society, community, and various stakeholders, supporting sustainable growth.
The company’s risk management policies and manuals establish risk policies covering the entire organization, starting from the process of risk identification, risk assessment, monitoring, and control, as well as establishing risk standards for effective and consistent risk management. Additionally, new risks are identified to cover all potential changes in the massage and spa industry, ensuring the company can manage risks promptly, especially in the changing lifestyle (New Normal) due to the spread of the Covid-19 virus, affecting the tourism industry and the global economy.
The Risk Management Committee (Committee) and the Risk Management Working Group collectively assess risks in various aspects of the company, including Strategic Risk, Compliance Risk, Financial Risk, Operational Risk, and Property Risks. The team considers the likelihood and impact of risks, utilizing the World Economic Forum’s Global Risks Report 2018 as a guideline for analysis. The Committee monitors risks arising from changes in government policies that may affect the organization’s operations.
The Board has adopted the Enterprise Risk Management Framework (ERM Framework) and the Enterprise Risk ManagementPolicy developed by the Stock Exchange of Thailand as the basis for assessing the company’s risks in terms of impact and likelihood, covering Strategic Risk, Business Risk, and Process Risk.
The Board of Directors and the Risk Management Working Group collaboratively develop measures to mitigate risks, offering both preventive measures (before the risk) and risk mitigation strategies (after the risk has occurred). The Committee is actively monitoring and reporting on risks caused by the spread of the Covid-19 virus, recognized as a global pandemic significantly affecting the company’s operating results in 2021. Additionally, preparations are made for the enforcement of the Personal Data Protection Act (PDPA) 2019 in 2022.
