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The definition and implementation of a risk control policy is above all based on the respect of a number of essential values and the application of good prevention practices.

Amalgamated Pumping Supplies has in place a comprehensive monitoring, management and reporting framework that allows business risks to be identified, managed and overseen in a timely and efficient manner.

Amalgamated Pumping Supplies actively mitigates risks and optimizes our resources to protect the Company and all other stakeholders with the risk profile adopted.

Amalgamated Pumping Supplies has implemented a Risk Management system that provides a comprehensive risk profile of the Company and allows for formalized ongoing risk monitoring and reporting.

The internal audit plan is designed to be risk focused and is aligned with the Risk Management system risk profile. It takes into consideration the Company's strategic initiatives, and provides assurance on risks and their control status.
1) Introduction
The Directors recognize that risk management and internal control are key elements of good corporate governance. Amalgamated Pumping Supplies has a Risk Management and Internal Control Policy that describes the manner which identifies, assesses, monitors and manages risk.
2) Statement Policy
Amalgamated Pumping Supplies is expected to:
  • establish clear objectives, identify and evaluate the significant risks to the achievement of those objectives, set boundaries for risk taking and apply fit-for-purpose risk responses including risk mitigation where appropriate;
  • incorporate risk responses into a system of internal control which is designed to address opportunities, protect people, the environment and company assets, facilitate effective and efficient operations and help to ensure reliable reporting and compliance with applicable laws and regulations;
  • monitor the effectiveness of the system of risk and internal control management;
    and follow relevant guidelines and standards.
3) Implementation of policy
The Risk Management and Internal Control Policy is implemented by:
  • establishing and implementing a formal risk management and internal control process;
  • identifying from this risk management and internal control process specific project, and corporate risks;
  • regularly monitoring and assessing the performance and effectiveness of
    the risk management and internal control process.
4) Risk Profile
The operation of our risk management process results in the identification of a number of industry risks which may impact on our business.
These risks include but are not limited to:
  • production availability;
  • technical and project management competencies;
  • health, safety, environment and security risk;
  • and exposure to debt.
These risks may change over time as the external environment changes and asAmalgamated Pumping Supplies expands its operations.

The risk management process requires regular reviews of our existing risks and the identification of any new and emerging risks facing our company, including financial and non-financial matters. It also requires the management (including mitigation where appropriate) of these risks.