well suited to the tasks at hand, complete with human resource development to produce talented personnel with professional integrity that reflect the company’s core values. NOAH seeks to establish the following management approach: 1) Cultivated corporate work culture through the IRPC DNA observed by all employees to strengthen their capabilities for efficiency and effectiveness 2) Improved work processes for enhanced efficiency, introduced digital systems to improve efficiency, speed and overall business competitiveness 3) Developed knowledge management system and added appropriate skills and expertise required to keep pace with changing situations, especially new skill set and professional knowledge necessary to drive businesses according to corporate strategy 4) Established a succession plan for important positions, especially in senior management, and specified systematic performance assessment process to accommodate employees who are retiring or resigning Policy and Regulatory Risk IRPC has promoted awareness among employees of the need to strictly comply with policies, laws, and regulations, including monitoring and ensuring preparedness for emerging policies, laws and regulations introduced by the public sector, including international laws, such as the Personal Data Privacy Act (PDPA), Oil Fuel Fund Act, oil reserve requirements, tax laws, labor laws, etc. Non-compliance or negligence may affect the company’s business operations, liability to punitive fines, litigation or even revocation of licenses. The company has therefore established risk management guidelines as follows: 1) Followed the news from the public sector that may affect business operations, assess any change in policies, laws and regulations and made preparation, including drawing up an action plan or guidelines for managing risks that may arise to mitigate impacts on the business operations 2) Established a database of laws, regulations, and acts relating to the business operations of the company and affiliates, by conducting analyses of critical changes and making them accessible to users who need them for planning and implementation 3) Joined Thailand’s Private Sector Collective Action Coalition Against Corruption (CAC), established anti-corruption risk management in all forms, and formulated risk mitigation guidelines. In prioritizing management transparency, the company has adopted the 8 anti-bribery principles prescribed by the National Anti-Corruption Commission for the private sector and businesses to observe. All executives and employees are expected to observe them as part of good practices across the entire company 105 Risk Management IRPC PUBLIC COMPANY LIMITED
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