- Sustainable Growth
- Risk Management
- Digital Development
- Corporate Governance
- Code of Conduct and Returns and Benefits for Stakeholders
- Actions taken during COVID-19 Outbreak
The Company recognizes the importance of risk management by implementing Risk Management policies throughout the whole organization. Risk issues, potential impacts, and the possibility of the events happening are thoroughly identified. The revision of the risk issues will take place where the issues tend to occur and to prioritize the risk management plan. Therefore, the Management reports the results of risk management to the Risk Management Committee every quarter, to revise and evaluate the risk management of each issue that may occur.
The Company also revised the exposure guidelines for single client and single customer (buyer) based on risk tolerance and the Company’s annual profit to manage the risk in a sustainable way.
In addition, the Company engages internal auditors from IFS Capital Limited (IFS Singapore) to review the operations and internal control of each department, to ensure the effectiveness and efficiency of the systems of the Company. Moreover, they have to review the operations procedures of each department and report directly to the Audit Committee.
The Company recognizes the need to keep pace with the changing global environment by exploring the use of technology to scale up efficiently. We hope to be able to kick start a project to digitize our entire operations by 2021.
The Company will focus on doing more businesses through a Digital Factoring Platform as an option for SMEs to gain easier access to financing, enabling Micro SMEs to obtain funding using digital invoices. Currently, the Company is conducting the study on this new platform and it will be implemented in 2021.
Corporate Governance and Code of Conduct
Corporate Governance is the Company’s component of sustainability. In 2019, IFS Group successfully launched a Compliance e-learning Portal across the Group. With the launch of this portal, the Company is now able to ensure that our staff are properly trained and have understanding in terms of compliance standards and expectations. In 2020, 100% of IFS employees successfully completed online training for IT Cybersecurity and COVID-19 related fraud prevention as well as implementing its prevention and control measures. The Company expects to roll out more training modules consistently.
The Board believes that operations under Good Corporate Governance will influence every area of the Company in the positive way. For instance, it will promote sustainable growth, increase returns and value to shareholders, and continuously raise its reliability among the stakeholders and others.
Returns and Benefits for Stakeholders
All stakeholders are crucial to the Company, helping the operations of the business as well as promoting the growth of the Company. The good relationship between stakeholders (shareholders, clients, business partners, banks, etc.) is essential to the products and services development of the Company. To understand the expectations, interests or any other concerns of all stakeholders internally and externally, the Company is opened for opinions and suggestions, which becomes a good source of information to help improve products and services of the Company according to expectations. Moreover, the Company continues to sustainably develop its operations to support the society and environment. The Company expects to constantly return profit and pay dividend to the shareholders.
Actions taken during COVID-19 Outbreak
The Company has its clients without interruptions in place a Business Continuity Plan (BCP) by establishing one unit separately to serve if an employee contracts COVID-19. In doing so, there was no impact on the Company’s business operations. In addition, the Company has a work-from-home plan for the staff so as to prevent the infection and mitigate the risk during the COVID-19 outbreak.