The definition and implementation
of a risk control policy is above all based on the
respect of a number of essential values and the
application of good prevention practices.
Amalgamated Pumping Supplies has in place a comprehensive
monitoring, management and reporting framework that
allows business risks to be identified, managed
and overseen in a timely and efficient manner.
Amalgamated Pumping Supplies actively mitigates
risks and optimizes our resources to protect the
Company and all other stakeholders with the risk
Amalgamated Pumping Supplies has implemented a Risk
Management system that provides a comprehensive
risk profile of the Company and allows for formalized
ongoing risk monitoring and reporting.
The internal audit plan is designed to be risk focused
and is aligned with the Risk Management system risk
profile. It takes into consideration the Company's
strategic initiatives, and provides assurance on
risks and their control status.
The Directors recognize that
risk management and internal control are key elements
of good corporate governance. Amalgamated Pumping
Supplies has a Risk Management and Internal Control
Policy that describes the manner which identifies,
assesses, monitors and manages risk.
2) Statement Policy
Amalgamated Pumping Supplies
is expected to:
establish clear objectives, identify and evaluate
the significant risks to the achievement of
those objectives, set boundaries for risk taking
and apply fit-for-purpose risk responses including
risk mitigation where appropriate;
incorporate risk responses into a system of
internal control which is designed to address
opportunities, protect people, the environment
and company assets, facilitate effective and
efficient operations and help to ensure reliable
reporting and compliance with applicable laws
monitor the effectiveness of the system of
risk and internal control management;
and follow relevant guidelines and standards.
3) Implementation of
The Risk Management and Internal
Control Policy is implemented by:
establishing and implementing a formal risk
management and internal control process;
identifying from this risk management and
internal control process specific project, and
regularly monitoring and assessing the performance
and effectiveness of
the risk management and internal control process.
4) Risk Profile
The operation of our risk management
process results in the identification of a number
of industry risks which may impact on our business.
These risks include but are
not limited to:
technical and project management competencies;
health, safety, environment and security risk;
and exposure to debt.
These risks may change over
time as the external environment changes and asAmalgamated
Pumping Supplies expands its operations.
The risk management process requires regular reviews
of our existing risks and the identification of
any new and emerging risks facing our company, including
financial and non-financial matters. It also requires
the management (including mitigation where appropriate)
of these risks.