Every business is susceptible to various risks. This gives impacts to the company, either failure to a company’s strategy or struggle to maintain its survival. In Genesis Corp, a systematic risk management process would enable us to understand the qualitative distinctions among the types of risk that might be encountered by the company. Through this robust process, that is why Genesis Corp is able to control, if not eliminate or mitigate the internal risk. For instance, risks from employee’s and managers’ unauthorised, illegal, unethical, or inappropriate actions and also the risks from breakdowns in routine operational processes. Additionally, the company are able to identify potential profitable projects from risk analysis to protect superior returns to be generated as planned. The process would enable Genesis Corp to be able to identify risks arise from events beyond influence or control, which the company could either mitigate or minimise the impacts to negligible.
Genesis Corp has solid strategies to manage and mitigate all the mentioned risks according to our high governance and transparent practices. By continuing to strengthen the risk strategy and governance, we are able to enhance the risk management across the group. Also, we have established a Risk Talent Management blueprint, which formalise the platform to connect competency gaps. Furthermore, Genesis Corp optimises the capital and resources, enhances enterprise-wide risk reporting, prevents the risk of oversight and streamlines risk practices for more effectiveness and consistency to improve risk management processes.