A ) GOVERNANCE FRAMEWORK & BOARD COMMITTEES
Corporate Governance is the system by which companies are directed and controlled, and boards of directors are responsible for the governance of their companies. ATC has developed its corporate governance framework in line with best in class industry practices and standards as defined by the regulatory authorities. It is imbibed in the day to day business operations of the Company.
B ) RISK MANAGEMENT AND INTERNAL CONTROL
Risk Management
Risk management is rooted in ATC’s operations at the corporate level. The Company believes that managing risks goes hand-in-hand with maximising returns. To this effect, there is a robust process in place to identify key risks across the organisation and prioritise relevant action plans to mitigate these risks. Risk Management framework is reviewed periodically by the Board and its committees, which includes discussing the management submissions on risks, prioritising key risks and approving action plans to mitigate such risks. The objective of this framework is to have a well-defined approach to risk. It suggests framing an appropriate response action for the key risks identified, so as to make sure that risks are adequately compensated or mitigated. Our risk management practices seek to sustain and enhance the long-term competitive advantage of the Company. Our core values and ethics provide the platform for our risk management practices.
Internal Control Systems
ATC is focused on ensuring best-in-class standards for internal control systems and is committed to the principle of prudent growth. The Company has adequate systems for internal control commensurate with its size and complexities. These ensure that its assets and interests are carefully protected; checks and balances are in place to determine the accuracy and reliability of accounting data. Well documented processes have been implemented to ensure that policies are promoted and adhered to.
The Internal Control system aims to make sure that the business operations function efficiently and applicable laws, rules, regulations and policies of the Company are followed. The internal audit function periodically performs audit of various processes and activities. A Board level committee reviews the effectiveness of the Internal Control system, and also invites functional Directors and Senior Management personnel to provide periodic updates on operational effectiveness and controls. The committee also reviews adequacy of the Company’s internal control environment and monitors the implementation of audit recommendations, including those relating to strengthening of the Company’s risk management policies and systems.