#GRCGood&Cautious: Working Principles of PTTEP EP.1 

GRC or Governance, Risk Management and Compliance is an organization management principle which is widely recognized by leading companies around the world. PTTEP has started GRC integration, GRC communication to employees and developed and improved our working process based on GRC principles continuously since 2013 until now. In this article, we would like to bring you to explore GRC operations in the PTTEP style, including GRC strategies, GRC targets which have become the framework for working operations in PTTEP, and examples of GRC activities.   

    01.                   Let’s start our GRC story with the Sustainability Framework

PTTEP has established its Sustainability Framework which was endorsed by the Board of Directors. The Company has also set a key message#GRC Good&Cautious for internal communication and it explains what “Being Good” is. “Good” means compliance with Good Corporate Governance, Business Ethics and applicable laws and regulations while “Cautious” is added to cover risk management and internal control matters.   

02.                   Driving GRC with 2 Strategies

GRC Strategies consist of 2 elements as follows; 

1.      Smart Assurance – Focus on effective and integrated assurance processes/functions, based on good governance and transparency, that can also be disclosed and audited effectively.

2.      GRC in Common Sense – Encourage Management and Employees of PTTEP to become aware, understand, accept and implement GRC Principles in their daily operations and key decision-making.

03.                   GRC Target

PTTEP has set its GRC long-term target for 2030 as follows; 

·       Reaching Highest GRC Maturity Level* - Develop and improve our operation in order to increase effectiveness and efficiency continuously together with applying digital technology in various automations.

·       Being a GRC Role Model among Thai Listed Companies - Build perception in terms of GRC operations of PTTEP to our stakeholders with the aim that PTTEP will become a GRC Role Model among Thai listed Companies.

In the next article, we would like to take you on a journey to explore more about what PTTEP has done in terms of GRC in the past 2-3 years, so that you can get a clearer picture.  Additionally, we will talk about the roles and responsibilities of the Board of Directors and how important they are to build GRC into a strong corporate culture and to be able to achieve long-term goals.