Risk Management Policy

1. Introduction

This Risk Management and Assessment Policy outlines the framework and guidelines for identifying, evaluating, mitigating, and monitoring risks within Summit International Ltd (Summit Digital), a marketing and development agency. This policy aims to ensure the effective management of risks to safeguard the company's operations, reputation, and stakeholders' interests.

2. Policy Statement

Summit International Ltd recognizes the importance of proactive risk management to achieve our strategic objectives, deliver quality services, and maintain a competitive edge. We are committed to implementing a systematic approach to risk identification, assessment, mitigation, and monitoring across all areas of our business.

3. Objectives

The objectives of this policy are as follows:

a. Identify Risks: Identify and categorize potential risks related to projects, operations, finances, data security, compliance, and reputation.

b. Assess Risks: Evaluate identified risks based on their potential impact and likelihood, using a consistent and objective methodology.

c. Mitigate Risks: Develop and implement appropriate risk mitigation strategies to reduce the impact and likelihood of identified risks.

d. Monitor and Review: Continuously monitor and review the effectiveness of risk mitigation strategies and adjust them as necessary.

e. Communicate and Educate: Promote a risk-aware culture by communicating risk-related information to employees and stakeholders and providing necessary training.

4. Risk Management Process

a. Risk Identification: Regularly review operations, projects, and processes to identify potential risks. Encourage all employees to report risks they identify.

b. Risk Assessment: Evaluate identified risks using a risk matrix considering impact and likelihood. Classify risks as low, medium, or high based on the assessment.

c. Risk Mitigation: Develop appropriate action plans to mitigate identified risks. Assign responsibilities for implementing these plans and set clear timelines.

d. Risk Monitoring: Regularly monitor the progress and effectiveness of risk mitigation plans. Update risk assessments as circumstances change.

e. Reporting: Provide regular risk reports to the management team and board of directors, highlighting significant risks, mitigation progress, and emerging trends.

5. Roles and Responsibilities

a. Executive Management: Responsible for endorsing and promoting the risk management culture, reviewing major risk assessments, and ensuring adequate resources are allocated for risk mitigation.

b. Risk Management Committee: Responsible for overseeing the implementation of this policy, reviewing risk assessments, and making strategic decisions on risk prioritization.

c. Department Heads and Project Managers: Responsible for identifying risks within their areas of responsibility, developing mitigation plans, and ensuring their teams are informed and engaged in risk management.

d. Employees: Responsible for promptly reporting risks they identify and complying with risk mitigation strategies and guidelines.

6. Continuous Improvement

Summit International Ltd is committed to continuous improvement in its risk management practices. The risk management process, policy, and procedures will be reviewed periodically to ensure they remain effective and aligned with the organization's goals.

7. Compliance and Enforcement

Non-compliance with this policy may result in appropriate disciplinary actions, up to and including termination of employment or legal action, as deemed necessary.

8. Conclusion

This Risk Management and Assessment Policy reflects Summit International Ltd's commitment to mitigating risks and ensuring the long-term success and sustainability of our operations. All employees are expected to adhere to the principles outlined in this policy to create a secure and productive work environment.

This policy was updated on the 23rd August 2023.