Ntegrator International Ltd. - Annual Report 2020

29 CORPORATE GOVERNANCE REPORT ENTERPRISE RISK MANAGEMENT POLICIES AND PROCESSES The Company’s Enterprise Risk Management policies are summarised as follows:- Technological Changes We are dependent on principals to improve and innovate products to meet the changing market trends. We will study the market trends and assess customers’ changing needs and obtain new technology- based products to meet their demands. We will also keep abreast of the developments in our industry and the technical know-how. Political, Regulatory and Economic The unexpected changes in the regulatory requirements, political instability and economic uncertainties in the countries in which we have a presence may affect our revenue and margin. We will assess this inherent risk on a regular basis. Credit Risk We are exposed to credit risk and such risk is managed through assessment of customer credit- worthiness. Special payment arrangements are reviewed on a case-by-case basis and will be secured by export letters of credits. Suppliers We procure and supply machinery/equipment to customers which are sourced from reputable suppliers or, manufacturers approved by customers. These machinery/equipment which may fail to meet customers’ expectation or, operating requirements are covered by manufacturers’ warranties. Key Management Personnel Our business performance depends on the business strategy developed by Management. The inability to retain qualified personnel may affect our business performance given that we are a service provider. We offer competitive remuneration packages to our staff as well as a challenging working environment. Business Continuity The Company recognises that business disruption is a key risk to effective business operations and delivery of business services, and may potentially affect our customers. We monitor for emerging threats that may disrupt our operations and address crises and emergencies through implementation of appropriate prevention, preparedness and response and recovery programmes that seek to mitigate the risks of disruption and catastrophic loss to our operations, people, information databases and other assets, and to ensure that key business functions can continue normal operations in the event of a major disruption. Such risks can arise from adverse natural events like flooding or, from pandemic outbreaks. The COVID-19 pandemic has continued to disrupt societies and economies. The Company has been monitoring the situation and evaluating its operations to ensure business continuity and the safety of employees. Implementation of all the necessary safety measures (such as, provision of hand sanitisers and contactless infrared thermometers, stepping up of the cleaning and disinfection of our premises and conduct of temperature screenings upon entry into our premises) are still in place. Our foreign workers have been split into different dormitories and rooms and they have been divided into different teams to support our customers who are providers of the essential services.  MATERIAL CONTRACTS Other than the Service Agreements with each of our Executive Directors, Messrs Han Meng Siew and Jimmy Chang Joo Whut, there were no material contracts in FY2020 which are required to be disclosed under Catalist Rule 1204(8). INTERESTED PERSON TRANSACTIONS There were no transactions with Interested Persons in FY2020. SPONSORS No non-sponsor fees were paid to the Sponsor, Asian Corporate Advisors Pte. Ltd. in FY2020.