57 Performance Revi ew Sect ion 02 Annual Report 2022 MANAGEMENT DI SCUSS ION & ANALYS I S RWS RISKS / THREATS MITIGATION PLANS / MEASURES Stiff market competition Collaborate with potential partners during tendering. Competition from small players Collaborate with small players to provide solutions for related scope of work. Differing interpretation on contract terms & conditions and stringent target from client Perform continuous operational improvements and provide innovative solutions. Understanding scope of work and requirements. Frequent and close communication with clients. Political instability Flexibility in carrying out related SOP or policies by the Government. Material price escalation Implement provision for contingency in pricing. RWT RISKS / THREATS MITIGATION PLANS / MEASURES Price fluctuations Continued expansion of local supply chains for goods and services. Rigorous assessment activities of all external suppliers, including supply chain audits i.e. desktop, physical audits, including assessing quality and capability of suppliers. Talent scarcity End-to-end talent management focus involving acquisition, retention and development strategies. Continued focus on organisational culture development, inspirational workspace and high-performance culture. Emphasising employee engagement and gauging satisfaction. Close monitoring of attrition rates. Development of talent pipeline via engagements with colleges, institutes and universities. Market awareness, innovations and new developments Regular engagement with third parties such as academia, technical resources, acquisition of technology, spearheading internal research and development and proactive sourcing for joint venture technology partners. Natural and manmade disasters Implementation of Business Continuity Plan, constant updating of said plan in tandem with emerging risks, i.e. climate change scenario planning and more. Emergency preparedness drills. Non-compliance of applicable acts and regulations Adherence to the Ranhill Compliance Checklist, execution of regular internal and external audits. Engineering Services SECTOR
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