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Executive Bylaws - CMA

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Executive Bylaws

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6-3 The Company shall have a Department/ an Office/ an Independent Unit of Risk Management, which shall identify, measure, and monitor Risks associated with the Company’s Activities. Of Module Fifteen: Corporate Governance
Section: Chapter Six: Rule V: Apply Sound Systems of Risk Management and Internal Audit
  • Wednesday, 15 February 2017

    The company organizational structure approved by the Board of Directors shall have a department/ an office/ an independent unit, which shall primarily measure, monitor, and mitigate all types of risks encountered by the company in accordance with the following: 1. The company shall apply effective systems and procedures of risk management, so that it can perform the key functions thereof, which are measuring and monitoring all types of risks exposed to by the company, provided that such process shall be conducted periodically and such systems and procedures shall be amended when necessary. 2. The company shall develop systems of periodical reports, as they are considered as one of the most important methods in the process of risks monitor and mitigation. 3. Officials of risk department/ office, unit shall be independent through the direct affiliation thereof to the Board of Directors. In addition, they shall assume a significant extent of powers, in order to perform their roles properly without being granted financial powers and authorities. 4. Such risk department/ office / unit shall have qualified human cadres of professional competences and technical capabilities. 5. Review transactions to be made by the company with the Related Parties and provide proper recommendations thereof to the Board of Directors.

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