International Risk Management
MYTCL has a sound system of risk oversight management and internal control based on the international standards outlined in the ISO 31000:2009 Risk Management framework. This ISO standard integrates all of MYTCL’s 3rd party certifications following a deliberate and clear methodology of evaluating and observing performance. MYTCL has in place limits and a range of policies and procedures to monitor the risk in its activities and these are quarterly reviewed by an internal audit committee, as well as bi-annually during internationally completed SGS audits. MYTCL’s Risk Management Policy also sets out the framework for risk management, internal compliance and control systems.
This policy highlights that risk management is reinforced by an MYTCL key principle;
“ risk management contributes to the creation of sustainable value ”
Organisations of any kind face internal and external factors and influences that make it uncertain whether, when, and the extent to which they will achieve or exceed their objectives. The effect this uncertainty has on the organisation’s objectives is promoted as “risk”. All activities of any organisation involve risk, and particulalry within the mining industry. Myanmar Yang Tse Copper Limited manages risk by anticipating, understanding and deciding whether to modify any aspect of the foundations of each risk. Throughout this process MYTCL communicates and consults with stakeholders and monitors and reviews the risk and the controls that are modifying the risk.
The ISO 3100:2009 Risk Management Standard recommends that organisations should have a framework that integrates the process for managing risk into the MYTCL organisation's overall governance, strategy and planning, management, reporting processes, policies, values and culture. Risk management will be applied across the entire organisation, to its many areas and levels, as well as to specific functions, projects and activities.
It is through the foundations of utilising this Standard that Myanmar Yang Tse Copper Limited has created the frameworks for the organisations Integrated Management System.