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Enterprise Risk Management
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A.I.M. Risk Model
The Company is mindful of the possible impact of several risks that may hamper its business. As such, risk considerations form part of strategy formulation, execution and decision-making. The Company has the proper control systems in place, and to the extent possible, adopts global best practices in enterprise risk management.
Max’s Group employs the Assess, Implement and Monitor (A.I.M.) risk model. The Company has appointed a Corporate Systems and Risk Management Manager to institute a formal control system designed to identify and establish measures to manage key risks.
Assess
The Assess phase starts with evaluation and planning where risks are classified based on different categories that correspond to certain action plans.
Implement
The Implement phase focuses on activating programs in place to mitigate effects of such risks. The Company has contingency plans in place to ensure business continuity and handle unexpected events that may adversely affect operations of the Company.
Monitor
The Monitor phase observes and reviews the effectiveness of procedures in alleviating the outcome of risks. In 2015, the Company created a mobile application to enable real-time monitoring of various stages in store development. This allows the Company to efficiently track potential areas of delay in store openings that increases risks of revenue loss opportunities, accumulated pre-operating expenses and inventory disruption.