Our approach is based on the Enterprise Risk Management Framework (COSO-ERM Framework). The underlying premise of enterprise risk management is that every entity exists to provide value for its stakeholders. Value is maximized when management sets strategy and objectives to strike an optimal balance between growth and return goals and related risks, and efficiently and effectively deploys resources in pursuit of
the entity’s objectives.

ERM considered a core management competency that incorporates a well-structured systematic process to identify business risks and lessen their impact on the PASI. This involves the following core elements:

• the identification of each business risk;
• the measurement of the identified business risk;
• the control or the way the risk is managed in line with the needs of the PASI’s policies and strategies;
• Constant monitoring and communicating of risks associated with any activity, function or process in a way that will enable PASI to minimize losses and maximize opportunities.