Universal Scientific Industrial

The USI Audit Committee is composed of five directors, of which more than half are independent directors. To ensure sustainable business achievements, USI follows internal audit mechanism to organize a Risk Management Committee and applies ISO 31000 Risk Management-principles and guidelines to execute annual risk management activities according to business environment, industrial trend, and company operations 黄瓜影视. The COO acts as the Chair, committee members are representatives chosen from Vice Presidents of business units, functional units, and manufacturing sites.

Through worldwide manufacturing sites, business units and functional units, USI engages Enterprise Risk Management (ERM) to identify risk events and factors, evaluate and adopt proper countermeasures. Through monitoring progress of risk mitigation plans to ensure the risks are effective controlled and convert the corporate risk management actions to the organization strategies enhancement to ensure sustainable management and achieve business operational goals. The Risk Management Committee will review the company's exposure twice per year. In the mid-year, the committee decides USI focused risks based on macroeconomic situation and worldwide operational risks (Top-down) 黄瓜影院. In the end-year, the committee reviews internal operational risks identified by business units, manufacturing sites and functional units (Bottom-up).

ERM Process:

USI risk assessment mechanism of internal control system is as below:

1. Define clear objectives to enable risk identification 黄瓜视频在线播放.

2. Assess potential risks for achieving company objectives across the entity and its potential for fraud, then analyze these risks as the basis for risk management 黄瓜视频破解版.

3. Identify and assess changes that could significantly impact the internal control system. Independent third-party audit:  To demonstrate USI’s commitment to the implementation and processes of enterprise risk management, we engaged an independent third party to conduct a verification based on the ISO 31000 Risk Management Principles and Guidelines 黄瓜视频在线. As a result, USI successfully obtained a Statement of Conformity to ISO 31000:2018, enhancing the transparency and credibility of our risk management framework. As global risks continue to rise, if a factory is damaged or ceases operation due to hazardous risks, it may reduce production capacity and lead to the loss of important customers, and have a significant adverse impact on the company's operations and financial performance. By implementing a Business Continuity Management System (BCMS), an organization can increase its resilience and ability to recover from disruptive events, and develop plans and procedures to ensure the continuity of its operations in the event of a disruption.

Business Continuity Management Policy

• USI's operation management shall have risk awareness, and integrate risk management into the business strategy and organizational culture to meet the commitment of applicable requirements.
• Establish a management and risk response mechanism for identification, assessment, and control of major risks, and perform business impact analysis in accordance with operational objectives to establish business continuity objectives, strategies, and plans, and continue to improve. Embed crisis management into employees' awareness and skills and conduct regular drills to ensure effectiveness.
• Openly and actively communicate risk information with stakeholders.