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Category: Business and Industry
Date Submitted: 10/13/2013 03:24 AM
SIA Group Enterprise-Wide Risk Management Framework
1.1 Since 2002, a formalised Risk Management Framework has been implemented across the Group under which
risks are identified, evaluated and controlled on a coordinated and integrated basis. Details of the key elements
of this Framework can be found on singaporeair.com.
2 Highlights of Significant Risk Management Activities
2.1 Operational changes. During the year under review, the core proprietary-owned IT System used for reservations
was upgraded to a new community-based reservations platform hosted by an external provider that is concurrently
used by multiple airlines. SIA business units put in place and tested contingency plans to address various risks
that had the potential to affect the success of the cutover project.
2.2 New global risk. In view of the emergence of a novel corona virus, the Group refreshed its Pandemic Response
Plan and ensured that it is updated.
2.3 New legislation. In addition to monitoring ongoing compliance with existing laws and regulations, the Group
initiated risk reviews to ensure compliance with new legislation enacted in Singapore relating to Personal Data
Protection, which is expected to come into force in 2014.
2.4 Test/Simulation Programme for Ongoing Risk Responses. As part of the Group’s ongoing test/simulation
programme, a Crisis Management Exercise was carried out to test responses and capability to manage a crisis
event occurring overseas. In addition, the alternate site for a core control centre was activated and used,
demonstrating its readiness in functionality. Other tests of business continuity plans were also conducted and
independently verified.
2.5 Reviews and Assurances of Risk Management Implementation. Pursuant to the Group’s Annual Risk Management
Review, significant and key risks were reported and reviewed at various levels, including at Board Committee
levels. Company and Group Risk Management Committee(s) carried out reviews of key...