The GRC Framework comprises the following elements which establish the policies and procedures outlining the standards, conduct and practices governing all SSWFFB operations:
(A) Governance Framework
Sets out Board and Board Committee oversight responsibilities, accountability, and authority.
(B) Risk Management Framework
Sets out SSWFFB’s end to end approach to managing risks including defining risk appetite and tolerance for risks applicable to SSWFFB.
(C) Compliance Framework
Sets out SSWFFB’s end to end approach to managing compliance obligations and mitigate compliance risks.
(D) Escalation Framework
Sets out the protocols for any identified breaches in compliance requirements and risk tolerances set.
(E) GRC Culture
Sets out a structured programme to promote a consistent GRC culture across all SSWFFB employees and stakeholders.
Establishment of the Panel and its Functions
The SSWFFB Ordinance provides for the establishment of the Investment Advisory Panel to advise the Board on the management and administration of the Fund which includes, amongst others, advice on general trends relating to investment management, economics and any other industry specific developments relevant to the Fund.
In addition, the Panel is to review the performance of the investments of the Fund and of the management of the Fund from time to time, and to suggest changes in investment strategy and policy to be considered by the Board, as required or desirable from time to time.
Appointment of Panel Members
Members of the Panel shall be appointed by the Board with approval of the Majlis Mesyuarat Kerajaan Negeri.
Appointed members must have substantial experience or expertise and reputable standing in fund management, investment advisory, dealing in securities or any other fields relevant to the effective performance of the functions of the Investment Advisory Panel.
The Panel shall be led by a chairman and have not fewer than two and not more than four other members.