Page 59 - 2023 Auunal Report - EN

58 ANNUAL REPORT 2023

for a period of three years.
2. Risk Management Committee
The Risk Management Committee is formed of three members according to the board of directors’ decree
issued on 31 March 2022 for a three years period.
Committee Meetings
Committee Post Member
members classification 1/2023 2/2023 3/2023 4/2023 5/2023 6/2023 7/2023

Mr. Eid Abdallah Committee chairman Non executive
Al Rasheedi
Mr. Ali Abdulrahman Committee member Independent
Al Shaya
Mr. Mohamed
Khaled Al Othman Committee member Independent

- Prepare and review the Risk Management Unit’s strategies and work methodology and submit them to the
board of directors, ensure the execution of such strategies and policies and that they are suitable with the
nature and size of the Company’s activities.
- Ensure the availability of the sufficient resources and systems for risk management.

- Evaluate the systems and mechanisms for determining, measuring and following up the various types of risks
to which the Company may be exposed, in order to determine their shortcomings.
- Assist the board of directors to identify and evaluate the acceptable level of risks in the Company, ensure that
the Company does not exceed this level of risks following its approval by the board of directors.
Committee duties - Review of the transactions and dealings with the related parties and submit suitable recommendations in this
respect to the board of directors.
- Review the organizational structure of the Risk Management Unit and lay down the recommendations in this
respect and submit them to the board of directors. The Risk Management unit now reports directly to the Risk
Management Committee in accordance to the latest amendment issued by the Capital Markets Authority. It
has been recommended to mandate the tasks of the Risks management to Boubyan Consulting to prepare
periodical reports concerned with the management and assessment of the Company risks.
- To ensure that the entity in charge of management has full understanding of the risks surrounding the
Company.
- Prepare reports on the nature of risks to which the Company is exposed and submit such reports to the
Company board of directors.