{"id":1246,"date":"2022-03-14T09:43:18","date_gmt":"2022-03-14T09:43:18","guid":{"rendered":"http:\/\/3.126.175.19\/01-about-the-report\/"},"modified":"2022-03-27T12:16:26","modified_gmt":"2022-03-27T12:16:26","slug":"12-enterprise-risk-management","status":"publish","type":"page","link":"https:\/\/zain.com\/SR2021\/12-enterprise-risk-management\/","title":{"rendered":"12 Enterprise Risk Management"},"content":{"rendered":"\t\t
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12<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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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<\/div>\n\t\t\t\t
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Zain\u2019s operational landscape is changing at a fast pace largely due to the ever-evolving technologies and their adoption to meet customer needs. Achieving long-term strategic objectives set by the company have required adopting a robust, relevant, and agile Risk Management Framework that is continuously revised and aligned with international best practices such as COSO Framework and ISO 31000 guidelines. Figure 1 below depicts the Risk Management Framework adopted by Zain.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Figure 1: Zain Risk Management Framework (alignment to ISO 31000)<\/strong><\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Enterprise Risk Management reports directly to the Board Risk Committee (BRC), exemplifying the importance of the long-term sustainability of the business. The BRC oversees compliance with risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the organization. Framework changes are reviewed and approved by the BRC on an annual basis, and changing risk trends occurs on a quarterly basis. Zain\u2019s assurance functions such as Internal Audit and Corporate Governance departments, and their respective board committees, along with Group Risk Management, assist the BRC in its oversight. <\/p>

Zain assesses its social, economic, and environmental impacts from a risk perspective and has continued to align them with the Corporate Sustainability strategy since 2019. These assessments take into account climate change-related risks and opportunities as well as the rights of children including child online safety and child labor. Risks that matter and have the most material impact on Zain are identified through proactive research and comprehensive engagement with stakeholders, so mitigation can be planned at a much earlier stage.<\/p>\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

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The Risk Management department engages with its top four stakeholder groups in the following ways: <\/p>

  1. Employees:<\/strong> Group Risk Management continues to engage with and educate all users on various security threats and promotes a culture of reporting. The awareness campaign was launched in 2020 and continues to run across all operations. <\/li>
  2. Government & Regulators:<\/strong> Engagement with governmental entities is done through the Corporate Governance and Regulatory teams.<\/li>
  3. Shareholders:<\/strong> Group Risk Management reports to the Board Risk Committee on a quarterly basis.<\/li>
  4. Executive Management:<\/strong> Group Risk Management and the operation\u2019s Risk Management teams continually engage with executive management to ensure that risks are being identified, addressed and mitigated as per the direction of the Board of Directors.<\/li><\/ol>\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<\/div>\n\t\t\t\t
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    Zain continues to utilize an impact-likelihood matrix to determine the risk rating of the events facing the company across its operations. The impacts are assessed across multiple parameters that include financial, reputational, climate change, markets, customers, employees, and others. The rating also takes into consideration the \u2018pre\u2019 and \u2018post\u2019 mitigated status of the risks, providing information on both the inherent and residual risk status of the organization.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Figure 2: Zain Risk Management Framework (alignment to COSO)<\/span><\/strong><\/em><\/p>\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<\/div>\n\t\t\t\t

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    Mission, Vision & Core Values<\/h5>\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
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    Strategy Development<\/h5>\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
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    Implementation & Performance<\/h5>\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
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    Enhanced Value<\/h5>\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<\/div>\n\t\t\t\t
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    Governance & Culture<\/h4>\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<\/div>\n\t\t\t\t
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    Strategy and Objective-Setting<\/h4>\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<\/div>\n\t\t\t\t
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    Performance<\/h4>\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<\/div>\n\t\t\t\t
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    Review & Revision<\/h4>\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<\/div>\n\t\t\t\t
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    Information, Communication, & Reporting<\/h4>\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<\/div>\n\t\t\t\t
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    The table below illustrates some of the key risks across Zain Group and how they are being mitigated through various mitigation options:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Table 1: Key Risks for Zain<\/strong><\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Description<\/div><\/div><\/div><\/th>
    Impact<\/div><\/div><\/div><\/th>
    Management Response<\/div><\/div><\/div><\/th><\/tr><\/thead>\n
    Regulatory Changes & Management of External Stakeholders<\/strong><\/div><\/div><\/div><\/class=\"lastudio-table__cell elementor-repeater-item-99026d4 lastudio-table__body-cell\">
    As our business is undergoing a digital transformation, the regulatory implications bring new challenges.<\/div><\/div><\/div><\/class=\"lastudio-table__cell elementor-repeater-item-f0c5872 lastudio-table__body-cell\">
    Increased cost of operations (license fees, cost of regulatory compliance) leading to lower profits; delay or rejection in launching new businesses and services to create new revenue streams.<\/div><\/div><\/div><\/class=\"lastudio-table__cell elementor-repeater-item-1634a66 lastudio-table__body-cell\">
    Participate with market regulatory authorities and other stakeholders, engaging on market issues, with clear focus on common benefit.\n
    \nInnovation in new products and services to enhance revenues and overcome increased regulatory costs.<\/div><\/div><\/div><\/class=\"lastudio-table__cell elementor-repeater-item-e47633d lastudio-table__body-cell\"><\/tr>
    Cyber Security Risks<\/strong><\/div><\/div><\/div><\/class=\"lastudio-table__cell elementor-repeater-item-6a6a00a lastudio-table__body-cell\">
    As technologies are rapidly advancing, cyber security threats are also evolving and need continuous monitoring.<\/div><\/div><\/div><\/class=\"lastudio-table__cell elementor-repeater-item-e1b108e lastudio-table__body-cell\">
    Customer data breach, financial, reputational or regulatory consequences.<\/div><\/div><\/div><\/class=\"lastudio-table__cell elementor-repeater-item-e253f29 lastudio-table__body-cell\">
    Continuous enhancement of our cyber security capabilities by updating:
    \n1. Policies and procedures
    \n2. Implementing the latest security tools
    \n3. Training and awareness programs
    \n4. Periodic security assessments<\/div><\/div><\/div><\/class=\"lastudio-table__cell elementor-repeater-item-8fa7c2a lastudio-table__body-cell\"><\/tr>
    Over the Top (OTT) applications<\/strong><\/div><\/div><\/div><\/class=\"lastudio-table__cell elementor-repeater-item-ab17065 lastudio-table__body-cell\">
    Disruptive technologies are being adopted at an extremely fast rate, where competitors are infringing into traditional voice and SMS revenue streams.<\/div><\/div><\/div><\/class=\"lastudio-table__cell elementor-repeater-item-f9e040d lastudio-table__body-cell\">
    These OTT players continue to impact revenue for all mobile network operators without having to conform to regulatory requirements.<\/div><\/div><\/div><\/class=\"lastudio-table__cell elementor-repeater-item-1b03237 lastudio-table__body-cell\">
    Transform our business from a pure telecommunications model to a digital service provider by creating innovative products and services and reinventing business models.<\/div><\/div><\/div><\/class=\"lastudio-table__cell elementor-repeater-item-6b25a82 lastudio-table__body-cell\"><\/tr>
    Geopolitical & Macro-economic situation<\/strong><\/div><\/div><\/div><\/class=\"lastudio-table__cell elementor-repeater-item-329d3ba lastudio-table__body-cell\">
    Zain operates in multiple markets, and changes to macro-economic indicators such as inflation and currency devaluation impact operations enormously.<\/div><\/div><\/div><\/class=\"lastudio-table__cell elementor-repeater-item-6d4b508 lastudio-table__body-cell\">
    Reduced customer spending ability leads to reduced revenues impacting the execution of the company\u2019s plan and strategy. \nWeakening currencies impacts the profitability of Zain\u2019s operations and asset valuation. Geopolitical difficulties lead to reduced access to capital and technology.<\/div><\/div><\/div><\/class=\"lastudio-table__cell elementor-repeater-item-5299c49 lastudio-table__body-cell\">
    Ensure cost optimization initiatives and access to long- and short-term capital options through varied sources of funding. \nEmploy various hedging instruments to prevent value erosion of assets.\n
    \nContinuous improvement of our business continuity capabilities across our operations.<\/div><\/div><\/div><\/class=\"lastudio-table__cell elementor-repeater-item-ac4e0af lastudio-table__body-cell\"><\/tr>
    Price Wars & Irrational Competition<\/strong><\/div><\/div><\/div><\/class=\"lastudio-table__cell elementor-repeater-item-5fddec6 lastudio-table__body-cell\">
    Unrestrained competitors or irresponsible operators with low value and market share could lead to market erosion through price pressures.<\/div><\/div><\/div><\/class=\"lastudio-table__cell elementor-repeater-item-49e4101 lastudio-table__body-cell\">
    Impacts revenue, profitability, and metrics of customer experience.<\/div><\/div><\/div><\/class=\"lastudio-table__cell elementor-repeater-item-a6f1ba7 lastudio-table__body-cell\">
    Observe the competitor landscape in all markets, and counter suitably in product offerings. Ensure the market is fair and competitive, while trying to create value propositions to maintain customer loyalty.<\/div><\/div><\/div><\/class=\"lastudio-table__cell elementor-repeater-item-2e823cc lastudio-table__body-cell\"><\/tr><\/tbody>\n <\/table>\n <\/div>\n\n \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Precautionary Principle<\/h3>

    As a precautionary principle, Zain complies to applicable environmental requirements in the design of our products and delivery of services. Rapid advancements in technology is one of our principal risks, monitored by the BRC, Climate Action Committee, and the Board. Our business depends on technology to develop and deliver low carbon products and services our customers require. Our product design and procurement teams engage with our suppliers to develop products with lower eco footprints. The checklist used as part of the design process includes climate-related considerations such as energy use and end of life disassembly for repair or reuse.<\/p>\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

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    Business Continuity Management<\/h3>

    Zain Group is committed to ensuring the continuity of its businesses in the event of an incident or disaster that could cause major disruption. In response to the COVID-19 pandemic, Group Risk developed a framework for seamless work from home. The exercise, coordinated with several business units, involved identification and prompt deployment of tools, assets, and trainings for our staff to continue offering services to customers.<\/p>

    Group Risk developed critical continuity indicators to monitor the pandemic response situation at the operations. The indicators are presented and reviewed by the COVID Crisis Committee at Zain Group.<\/p>

    Further, Group Risk developed the Safe Return to Work plan for gradual resumption of staff to offices. This year, the company started to operate with full capacity in some of operations. As such, Zain continued to follow the guidelines set by the COVID Crisis Committee in addition to following the country-specific COVID-related rules and regulations.<\/p>

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    Process for identifying, assessing, and responding to climate-related risks and opportunities<\/h3>

    We recognize that climate change poses physical risks (i.e. caused by the increased frequency and severity of extreme weather events) and transition-related risks (i.e. economic, technology or regulatory challenges related to moving to a greener economy) for our business.<\/p>

    The process to assess the materiality of climate-related risks and opportunities follows industry and sectoral relevant benchmark data and takes into consideration our principal risks.<\/p>

    We adopted three scenarios in line with the Task Force on Climate-related Financial Disclosure (TCFD) guidance. We conducted the required assessments to quantify the business impacts of all material climate-related risks under each scenario and over different time horizons to better understand the financial value at risk across service revenue and EBITDA.<\/p>

    Key risk and opportunity areas arising from the scenario base climate risk and opportunity assessment are as follows:<\/p>