{"id":267,"date":"2015-11-19T02:08:39","date_gmt":"2015-11-19T02:08:39","guid":{"rendered":"http:\/\/dev.gfni.com.ph\/wordpress\/?page_id=267"},"modified":"2022-03-28T17:43:17","modified_gmt":"2022-03-28T17:43:17","slug":"enterprise-risk-management","status":"publish","type":"page","link":"https:\/\/www.gfni.com.ph\/staging\/3148\/corporate-governance\/enterprise-risk-management\/","title":{"rendered":"ENTERPRISE RISK MANAGEMENT"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"267\" class=\"elementor elementor-267\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d4ee37b elementor-section-height-min-height elementor-section-items-bottom elementor-section-boxed elementor-section-height-default\" data-id=\"d4ee37b\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0ff7c10\" data-id=\"0ff7c10\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d6bbf61 elementor-widget elementor-widget-heading\" data-id=\"d6bbf61\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Enterprise Risk Management<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7ef97d9 elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7ef97d9\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-2b4ba94\" data-id=\"2b4ba94\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f206014 sidebar-menu elementor-widget elementor-widget-wp-widget-nav_menu\" data-id=\"f206014\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"wp-widget-nav_menu.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5>Other Links<\/h5><div class=\"menu-gfni-corporate-governance-container\"><ul id=\"menu-gfni-corporate-governance\" class=\"menu\"><li id=\"menu-item-3879\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-3879\"><a href=\"https:\/\/www.gfni.com.ph\/staging\/3148\/corporate-governance\/enterprise-risk-management\/\">Enterprise Risk Management<\/a><\/li>\n<li id=\"menu-item-3880\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-3880\"><a href=\"https:\/\/www.gfni.com.ph\/staging\/3148\/corporate-governance\/manual-on-corporate-governance\/\">Manual on Corporate Governance<\/a><\/li>\n<li id=\"menu-item-3881\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-3881\"><a href=\"https:\/\/www.gfni.com.ph\/staging\/3148\/corporate-governance\/code-of-business-conduct-and-ethics\/\">Code of Business Conduct and Ethics<\/a><\/li>\n<li id=\"menu-item-3882\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-3882\"><a href=\"https:\/\/www.gfni.com.ph\/staging\/3148\/corporate-governance\/annual-corporate-governance-report-acgr\/\">Annual Corporate Governance Report (ACGR)<\/a><\/li>\n<li id=\"menu-item-3883\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-3883\"><a href=\"https:\/\/www.gfni.com.ph\/staging\/3148\/corporate-governance\/board-committees\/\">Board Committees<\/a><\/li>\n<li id=\"menu-item-3884\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-3884\"><a href=\"https:\/\/www.gfni.com.ph\/staging\/3148\/corporate-governance\/board-committee-charters\/\">Board Committee Charters<\/a><\/li>\n<li id=\"menu-item-3885\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-3885\"><a href=\"https:\/\/www.gfni.com.ph\/staging\/3148\/corporate-governance\/corporate-social-responsibility\/\">Corporate Social Responsibility<\/a><\/li>\n<li id=\"menu-item-3886\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-3886\"><a href=\"https:\/\/www.gfni.com.ph\/staging\/3148\/corporate-governance\/companys-policies\/\">Company&#8217;s Policies<\/a><\/li>\n<li id=\"menu-item-3887\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-3887\"><a href=\"https:\/\/www.gfni.com.ph\/staging\/3148\/corporate-governance\/employees-welfare-and-their-occupational-health-and-safety\/\">Employees Welfare and Their Occupational Health and Safety<\/a><\/li>\n<\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-5139d11\" data-id=\"5139d11\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1a1f4ed7 elementor-widget elementor-widget-text-editor\" data-id=\"1a1f4ed7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2 class=\"sub-page-title\">ENTERPRISE RISK MANAGEMENT<\/h2><div class=\"sub-page-text\"><p>FNI recognizes that risk is inherent in all opportunities. To remain at the forefront of today\u2019s market, we believe in adopting an integrated approach on enterprise risk management that capitalizes on the value gained from managing risks and delivers on the requirements of all stakeholders \u2013 Company, shareholders, employees, suppliers, investors, regulatory agencies and communities.<\/p><\/div><div class=\"sub-page-text\">As such, we have adopted an Enterprise Risk Management (ERM) process, which aims to align FNI\u2019s strategy, processes, people, technology, and knowledge to manage the level of exposure and uncertainties the Company faces, as it creates value for its stakeholders. ERM serves as the bridge between FNI\u2019s strategic direction and aligned operational execution.<\/div><div>\u00a0<\/div><h2>\u00a0<\/h2><h2 class=\"sub-page-title\">ERM FRAMEWORK<\/h2><div class=\"sub-page-text\"><p>At FNI, we recognize that Enterprise Risk Management is not a function or department, rather, it is a process, effected by an entity\u2019s board of directors, management and other personnel, enterprise-wide at strategic level, designed to identify potential events that may affect the entity, and manage risks to remain within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives . Furthermore, we recognize the importance of ERM in strategic planning and in embedding it throughout FNI\u2019s organization as it influences and aligns strategy and performance across all departments and functions (within the FNI Organization). FNI\u2019s ERM System, as designed, is based on the prominent COSO ERM Framework.<\/p><\/div><div class=\"sub-page-text\"><p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-4158\" src=\"https:\/\/www.gfni.com.ph\/staging\/3148\/wp-content\/uploads\/2021\/08\/framework-300x197-1.png\" alt=\"\" width=\"300\" height=\"197\" \/><\/p><p>The eight (8) interrelated component of the Framework can be summarized into five (5) principles:<\/p><\/div><div><p>Derived from COSO Enterprise Risk Management \u2013 Integrated Framework, September 2004.<\/p><\/div><div class=\"sub-page-text\"><ul><li>Governance and Culture: where FNI\u2019s board and top management set the organization\u2019s tone and culture towards understanding of risk affecting the organization (internal and external factors); part of establishing good governance is reinforcing oversight responsibilities for enterprise risk management.<\/li><li>Strategy and Objective-Setting: where FNI establishes its risk appetite and aligned with strategy; business objectives put strategy into practice while serving as a basis for identifying, assessing, and responding to risk.<\/li><li>Performance: where risks are prioritized by severity in the context of established risk appetite; FNI then implement risk responses.<\/li><li>Review and Revision: where FNI\u2019s ERM components are reviewed against the actual performance, to determine if revisions in the risk response is needed. Accordingly, it is imperative that FNI shall pursue continuous improvements.<\/li><li>Information, Communication, and Reporting: where FNI\u2019s ERM System requires the continual process of information sharing, from both internal and external sources across all level the organization. Regular communication about risk management to the Board, ManCom, and other key stakeholders is established.<\/li><\/ul><h2>\u00a0<\/h2><h2 class=\"sub-page-title\">MANAGEMENT\u2019S ROLE<\/h2><div class=\"sub-page-text\"><p>FNI Management holds overall responsibility for managing risk to the entity and to continue to enhance its conversation with the board and stakeholders about using enterprise risk management to gain a competitive advantage. That starts by deploying enterprise risk management capabilities as part of selecting and refining a strategy.<\/p><\/div><div class=\"sub-page-text\"><p>The Board, through its Audit and Board Risk Oversight Committee, has the responsibility for overseeing risk management within the Company. FNI designated a lean ERM core team in support of the ERM Structure where Corporate Internal Audit, as established in its IA charter, shall help the management assess the effectiveness of FNI\u2019s Risk Management System and identify opportunity\/ies for improvement. CIA will also assist in the ERM oversight role of the Board, with the support of the SVP for Legal and Compliance, SVP for Operations and SVP for Finance; as such significant risks and related risk strategies and the status of the risk management initiatives are communicated on a regular basis.<\/p><\/div><\/div><p>\u00a0<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-4159\" src=\"https:\/\/www.gfni.com.ph\/staging\/3148\/wp-content\/uploads\/2021\/08\/risk-management-oversight-300x192-1.png\" alt=\"\" width=\"300\" height=\"192\" \/><\/p><div class=\"sub-page-text\"><h5>FNI Risk Management Oversight Structure<\/h5><h2 class=\"sub-page-title\">IMPLEMENTING ERM SYSTEM IN FNI<\/h2><div class=\"sub-page-text\"><p>In 2015, FNI started its ERM journey with an ERM Awareness Session. With external professional help, the Company was able to have a structured and well-defined process as it went through the ERM activities implemented in three (3) phases.<\/p><\/div><\/div><p>\u00a0<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-4160\" src=\"https:\/\/www.gfni.com.ph\/staging\/3148\/wp-content\/uploads\/2021\/08\/3-phase-implementation-300x226-1.png\" alt=\"\" width=\"300\" height=\"226\" \/><\/p><div class=\"sub-page-text\"><h5>Three (3) Phase Implementation of FNI ERM System<\/h5><p>\u00a0<\/p><h5><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4161\" src=\"https:\/\/www.gfni.com.ph\/staging\/3148\/wp-content\/uploads\/2021\/08\/Activities-in-establishing-FNIs-ERM-as-conducted-and-facilitated-by-SGV-300x135-1.png\" alt=\"\" width=\"300\" height=\"135\" \/><\/h5><h5>Activities in establishing FNI\u2019s ERM; as conducted and facilitated by SGV<\/h5><p>\u00a0<\/p><h5><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4163\" src=\"https:\/\/www.gfni.com.ph\/staging\/3148\/wp-content\/uploads\/2021\/08\/ERM-Participants-Surigao-300x119-1.png\" alt=\"\" width=\"300\" height=\"119\" \/><\/h5><h5>ERM Participants &#8211; Surigao<\/h5><p>\u00a0<\/p><h5><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4162\" src=\"https:\/\/www.gfni.com.ph\/staging\/3148\/wp-content\/uploads\/2021\/08\/ERM-Participants-Makati-City-300x127-1.png\" alt=\"\" width=\"300\" height=\"127\" \/><\/h5><h5>ERM Participants &#8211; Makati City<\/h5><div class=\"sub-page-text\"><p>As a result, FNI\u2019s ERM System identified its key business risks, which affected interrelated risk drivers. Accordingly, ERM team agreed to implement risk responses and strategies to address the risks drivers and key business risks as a whole. Updates on the status of RM response and strategies are reported to the Board, President, ManCom and key stakeholders, on a periodic basis as a agreed and approved by the Audit and Board Risk Oversight Committee.<\/p><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Enterprise Risk Management ENTERPRISE RISK MANAGEMENT FNI recognizes that risk is inherent in all opportunities. To remain at the forefront of today\u2019s market, we believe in adopting an integrated approach on enterprise risk management that capitalizes on the value gained from managing risks and delivers on the requirements of all stakeholders \u2013 Company, shareholders, employees, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":56,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"nf_dc_page":"","ocean_post_layout":"full-screen","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"0","ocean_second_sidebar":"0","ocean_disable_margins":"on","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"off","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"0","ocean_custom_header_template":"0","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"0","ocean_menu_typo_font_family":"0","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"on","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"0","footnotes":""},"class_list":["post-267","page","type-page","status-publish","hentry","entry"],"translation":{"provider":"WPGlobus","version":"3.0.2","language":"en","enabled_languages":["en","es","de","fr","ru"],"languages":{"en":{"title":true,"content":true,"excerpt":false},"es":{"title":false,"content":false,"excerpt":false},"de":{"title":false,"content":false,"excerpt":false},"fr":{"title":false,"content":false,"excerpt":false},"ru":{"title":false,"content":false,"excerpt":false}}},"_links":{"self":[{"href":"https:\/\/www.gfni.com.ph\/staging\/3148\/wp-json\/wp\/v2\/pages\/267","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gfni.com.ph\/staging\/3148\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.gfni.com.ph\/staging\/3148\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.gfni.com.ph\/staging\/3148\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gfni.com.ph\/staging\/3148\/wp-json\/wp\/v2\/comments?post=267"}],"version-history":[{"count":51,"href":"https:\/\/www.gfni.com.ph\/staging\/3148\/wp-json\/wp\/v2\/pages\/267\/revisions"}],"predecessor-version":[{"id":5032,"href":"https:\/\/www.gfni.com.ph\/staging\/3148\/wp-json\/wp\/v2\/pages\/267\/revisions\/5032"}],"up":[{"embeddable":true,"href":"https:\/\/www.gfni.com.ph\/staging\/3148\/wp-json\/wp\/v2\/pages\/56"}],"wp:attachment":[{"href":"https:\/\/www.gfni.com.ph\/staging\/3148\/wp-json\/wp\/v2\/media?parent=267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}