The risk management framework is part of the Company’s internal control system, which is designed to support the achievement of our goals and strategic objectives by ensuring a clear demarcation of responsibilities, appropriate and effective controls to mitigate the risks in each key process, ongoing monitoring and evaluation of controls and the business environment and transparent communication of any weaknesses.
These controls operate across the business, covering finance, operations, reporting and compliance.
Regular monitoring and evaluation of the system is carried out by the Internal Audit Unit (IAU), which recommends on corrective actions if the controls are found to be inadequate. The IAU reports all its findings to the President Director.
The IAU develops an annual audit work plan but it may be requested to carry out additional audit activities by the Board of Directors. In 2017 the IAU’s activities included surveillance audits of Puri Jaya Pasar Kemis Housing (covering Land, Estate Management and Marketing) BX Rink and Jaya Imperial Park Housing, as well as monitoring the follow-up to previously audited units (Graha Raya). The IAU also conducted an audit of ISO 9001:2008 compliance and awareness.
The Head of Internal Audit as of December 31, 2017 is:
Ir. Sutopo Kristanto, MM, Head of Internal Audit
He was appointed as the Head of Internal Audit since 2009 and his profile has been presented in the Profile of the Board of Directors.