Page 187 - BTSGroup ONE REPORT 2021/22_EN

BTS Group Holdings Public Company Limited 5.4 Internal Control and Related Party Transactions 185
Annual Report 2021/22

5.4 INTERNAL CONTROL AND RELATED PARTY TRANSACTIONS

Internal Control to transactions which may be in conflict with the Company’s interest. As such,
The Board of Directors is aware of the importance of having a good internal the executives and employees can use those as guidelines for their conduct
control system in order to ensure that the management and operational and prevent transactions which may be in conflict with the best interest of the
control of the Company is systematic and correspond to the objectives and Company and the shareholders. Furthermore, the Company has established the
long-term goals of the Group. The Management is responsible for setting Corporate Governance Policy and Code of Business Conduct of the Group for
the structure of the internal control system to cover the following aspects, the directors, executives and employees of BTS Group to use as guidelines
namely Control Environment, Risk Assessment, Control Activities, Information in performing their duties with integrity and maintaining business ethics. The
& Communication, and Monitoring Activities, implementing this system to contents of the Corporate Governance Policy and Code of Business Conduct
effectively achieve the objectives, as well as ensuring that the Company’s relate to the corporate governance policy, business ethics, and policies on the
internal control system is adequate and appropriate for the circumstances at employees’ remuneration, benefits, and career development, including policies
any point in time with continuous improvement and development. on anti-corruption and bribery and sustainability. BTS Group has carried out
several activities in line with the sustainable development framework of the
For 2021/22, the Board of Directors’ Meeting held on 13 June 2022 Global Reporting Initiative (GRI) through economic, environmental, and social
acknowledged the evaluation results on the adequacy of the internal control indicators. BTS Group has also set out appropriate penalties in case these
system of the Audit Committee and agreed with the Audit Committee’s opinion regulations or policies of the Group are violated.
that the Company has adequate internal control system suitable for the business
operation and has no material deficiency affecting the internal control system. Risk Assessment
In addition, the Company’s auditor reviewed the internal control system that Risk management is an important component in BTS Group’s business
is relevant to the preparation and the presentation of the Company’s financial operations. The Company has a policy to manage the risks that affect its
statements in order to provide an opinion that the financial statements present business units and the Group within the established risk appetite and risk
correctly, in all material respects, the financial position, results of operation, tolerances in accordance with the good corporate governance principles and
and cash flows in accordance with the financial reporting standards. in line with the Group’s objectives, strategy, direction and goals.

Control Environment The Company has established a Risk Management Committee to determine and
The Company has clearly established the Company’s vision, mission, strategy, review the enterprise risk management policy and framework of the Group, as
business direction, and long-term goal and communicated these to all well as supervising each business unit of the Group on the compliance with
employees to use as guidelines in performing their functions. The Company such enterprise risk management policy and framework. The Risk Management
has also established the organisation chart, the chain of command, the Committee presents the Group risk management report, including the key
delegation of authority, and policies and procedures which are appropriate to risk indicators status of the Group, to the Board of Directors at least on an
the duties and responsibilities of each department, including policies relating annual basis. Risk profiles are based on internal and external events that