At Prime we have implemented a corporate control culture to ensure that our operations are in full compliance with all corporate governance standards. Our dedicated team thus executes all business oriented strategies in a risk managed fashion, the matter which has contributed positively towards strengthening our relationships with our shareholders, our business partners and staff by providing transparency, credibility and accountability.
In this context, Prime strictly implements the Enterprise Risk Management (ERM), a technique that is mandated by the board as an approach to identify, address, assess, monitor and mitigate the various risks that Prime faces as a result of unforeseen events arising from strategic, operational, financial, technical, brand and legal risks.
Our corporate ethics and core values are promoted and outlined clearly within our Code of Business philosophy and it is crucial that all Prime members embrace this culture and abide by its principles at all times in order to govern employee behavior within the premises.
Furthermore, to prioritize reducing risk within business boundaries, a Business Continuity Plan (BCP) was drafted stating clear guidelines to be followed in the event of any unexpected crisis which may threaten the safety of Prime staff, the security of its assets, the continuity and stability of its operations and reputation.
Equal stress has been placed on the audit issue whereas Prime employs an efficient internal audit team that executes and adds value to all audit assignments as directed by the audit committee to ensure compliance with established policies and operational procedures whereby necessary changes are observed and recommended by the auditor.
In alignment with the above, the internal audit team at Prime plays a crucial role in performing a wide range of audit services including financial, compliance, operational, information technology audits as well as providing assistance and advice to ensure reasonable assurance that the management control systems throughout the Group are adequate and operating effectively.
As a listed company on the Egyptian Stock Exchange (EGX), we continuously strive to fulfill our responsibilities by adhering to the rules and regulations of the Capital Market Authority as well as other related regulatory bodies.
To emphasize the importance of this issue, the Board of Directors thus gives the highest level of independence to the Risk & Compliance and Audit teams.