Our Audit, Compliance and Corporate Governance (ACCG) Committee is ultimately responsible for overseeing how TMH complies with all the relevant Myanmar laws and regulations, and managing the key risks which might impact the sustainability of its operations. To ensure that TMH’s BOD always has the right information when making a decision, its ACCG Committee can task the Internal Audit team to investigate across the company. Internal auditors will then report back directly to the ACCG Committee Members. TMH’s control environment is summarised below.
Managing our risks
Risk management is essential to ensuring the sustainability of our operations, especially during the current pandemic. The tables below summarise how we are managing our risks.
Legal & compliance
The interpretation and enforcement of Myanmar laws and regulations can involve uncertainty.
The COVID pandemic causes more complexity.
TMH works with various service providers to monitor any change in the regulatory framework that may impact its operations and activities.
Fast and easy access to capital is essential to developing quality ICT infrastructure.
Myanmar capital markets are in the early stages of development, and the pace of reforms in the banking sector is unclear, factors which are limiting our ability to access capital.
We are preparing our company to attract new investors and partners by improving our corporate governance practices.
Security, Health & Safety
The safety of our employees is paramount, especially during the current COVID-19 pandemic.
The security of our team is a factor when they have to operate in remote or even conflict areas.
Our HR team ensures that we comply with the regulations issued by the relevant authorities, especially MOHS.
We purchased various protective equipment for our employees and adjusted our working environment.
We apply the precautionary principle: whenever the safety and security of our operations, employees and contractors is not guaranteed, we prefer not to proceed.
Sourcing the right goods and services and ensuring their delivery on time, as the flow of goods and people has been disrupted by the COVID-19 pandemic.
Our procurement team is working closely with our operations team to optimise our inventory and diversify our portfolio of suppliers to find alternatives wherever possible.
Ensuring compliance with TMH’s principles
Every month, the Internal audit team will share its report and findings with the ACCG Committee. The internal audit team assesses, reviews, and challenges all the data shared with the Board, especially those related to TMH’s performance.
Our internal audit also monitors how the various departments comply with TMH’s internal rules and policies (our Employee Handbook, SOPs, etc.)
Our internal audit team identified two minor breaches of our procedures last year: two of our branches experienced issues with two of our partners, who did not pay for the top-up cards they purchased from TMH within ten days. Once identified, this situation was quickly resolved, and TMH recovered the pending payments totalling MMK 7.3 million.