Sustainability > Governance > Risk Management

Risk Management

Safeguarding Value Through Strategic Risk Oversight

Overview
Governance
Economy
Environment
Social
Grievance

Risk Management

The Board governs the overall risk oversight responsibility including defining the appropriate governance structure and risk appetite. The Board is supported by the Board Risk Management Committee (BRMC) in evaluating, assessing and reviewing the adequacy of the Group’s system of risk management.

Risk Management Framework (ERM)

The Board adopted the Enterprise Risk Management framework of the Committee of Sponsoring Organisations of the Treadway Commission (COSO), which commonly known as the COSO ERM Cube.

COSO ERM Cube

Note: Image sourced from ACCA Global

The Board and BRMC are guided by the ERM framework to identify and manage risks that may affect the Group, as well as developing action plans to mitigate such risks. The identified key risks and controls are assessed and categorised to highlight the source of risk, their impacts and the likelihood of occurrence. Risk profiles for the major business units are presented to the BRMC for deliberation and to the Board for endorsement.

From 2024, the Board provides strategic oversight on ESG-related risks, integrating environmental, social, and governance considerations into the company’s overall risk management framework. This oversight helps ensure that business practices align with regulatory expectations, stakeholder interests and long-term sustainability objectives.

Know More about WTK’s ERM

Building Resilience Against ESG Risks

We recognise the potential impact of major ESG-related catastrophic events on our business, stakeholders and communities.

Our Control Measures

Scenario
Planning

We carry out scenario analyses to anticipate and prepare for risks such as extreme weather events, natural disasters, supply chain disruptions, cybersecurity incidents and public health crises. These exercises help us evaluate potential impacts and develop strategies to reduce vulnerabilities.

Response
Plans

Response and contingency plans are in place to guide immediate actions in the event of emergencies. These plans prioritise employee safety, business continuity, environmental protection and community support, enabling us to respond swiftly and effectively.

External Auditor Independence

We uphold the highest standards of transparency, accountability and auditor independence.

A) Regular Rotation of Audit Partner

In line with regulatory requirements and good governance practices, WTK ensures the periodic rotation of the audit partner responsible for the external audit engagement.

B) Audit Firm Tendering

WTK also recognises the importance of maintaining independence and objectivity in the audit process. As part of this, the Audit Committee assesses and reviews the independence and objectivity of the external auditor annually. Where necessary, the Committee will consider tendering for a new audit firm to ensure audit quality, competitiveness and impartiality