ENTERPRISE RISK MANAGEMENT

ABS-CBN’s Board of Directors and management are mindful of the potential impact of various risks to the Company’s ability to deliver quality content across multiple platforms and consequently, as a result of its operations, value to shareholders.

In 2009, the Audit Committee of the Board of Directors provided oversight on Enterprise Risk Management (ERM). In 2010 this responsibility was assumed by the newly created Risk Management Committee. At the same time the Board of Directors of the Company approved the appointment of a Chief Risk Management Officer, reporting directly to the Board of Directors.

In November 2012, the Board of Directors approved the appointment of Mr. Raymund Martin T Miranda as  Chief Risk Management Officer concurrent with his role as Chief Strategy Officer of ABS-CBN.  As Chief Risk Management Officer, he will continue to provide the overall leadership, vision and direction for enterprise risk management by continuing to establish and implement an integrated risk management framework that covers all aspects of risk across the Company’s organization, and improve the Company’s risk management readiness.

The Company’s corporate strategy formulation and business decision-making processes always take into account potential risks and the steps and costs necessary to minimize, if not eliminate, such risks. As part of its stewardship responsibility and commitment to deliver optimum value to its stakeholders, ABS-CBN ensures that it has the proper control systems in place, and to the extent possible, adopted global best practices, to identify and assess, analyze and mitigate market, operating, financial, regulatory, community, reputational, and other risks.  The formal identification of the control systems is currently being undertaken.  The Company contracted SGV (a member firm of Ernst and Young)  to assist in the development of an ERM Framework and Program.

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