Quest Holdings and its subsidiaries have approved and implemented a Risk Management System (hereinafter referred to as the “RM System”) as part of the internal audit system.
The purpose of the RM System is to protect the Company and the Group's Companies from potential risks and to create value for shareholders and other stakeholders.
In order to achieve this goal, the RM System promotes the integration of effective risk management practices in strategic planning, decision-making and in the daily operation of the Company and the Group’s Companies.
The RM System includes the appropriate structures, roles, responsibilities, policies, procedures, mechanisms and tools for the timely identification of individual risks and their effective management to an acceptable degree, through appropriate measures.
Through the RM System, the management of the Company and the Group Companies collects the information related to the recording and monitoring of risks and integrates this information into the decision-making and action procedures for the optimal response to them.
The effective implementation of the RM System links the strategy and the operational objectives to the operations of the Company and the Group’s Companies and contributes to the improvement of the performance and the achievement of the objectives.
The RM System of the Company and the Group's Companies incorporates basic design principles of ISO 31000: 2018 standard and the best international risk management practices (Enterprise Risk Management ERM) and in particular the relevant COSO Integrated Framework and COSO ERM methodology.
The implementation of the Risk Management System is mandatory for all the Companies of the Group and is subject to inspections and internal audit, including an obligation to report (reporting line) to the Board of Directors of the Company.