Takween’s Board and Executive Management recognized the importance of having a risk function within Takween Group, to be responsible for managing risks that Takween Group could face. At the beginning of 2013, the Executive Management decided to establish the risk function with the aim of managing and mitigating the business risks.
As an industrial investment company Takween faces different types of risks which are related to Takween Group business activities. The risk Takween faces classified into four main categories; strategic risks, operational risks, external factors risks and financial risks.
In order to mitigate the risk impact on the group's various activities, and to ensure proper alignment with the company’s strategy, the risk function has implemented the international best practices in identifying, assessing, controlling and monitoring risks.
Takween is keen to be in compliance with laws, rules, regulations, code of conduct, and standards of best practices issued by the local and international authorities. The fact that the failure to comply with the applicable laws, rules, regulations, code of conduct, and standards of best practices will expose the company to compliance risks, which will damage the company's reputation and expose the company to sanctions or financial losses.
The compliance function in Takween Group plays role of safeguarding the company from any non-compliance issues by being responsible about managing the compliance risks, building the right compliance culture, advising the business of the new rules and regulations, and finally monitor the compliance function within Takween group.