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93GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 201526. Risk managementIntroductionRisk is inherent in the Group%u2019s activities but it is managed through a process of ongoing identifcation, measurement and monitoring, subject to risk limits and other controls. This process of risk management is critical to the Group%u2019s continuing proftability and each individual within the Group is accountable for the risk exposures relating to their responsibilities. The Group is exposed to credit risk, liquidity risk and market risks.Risk management structureThe Board of Directors is responsible for the overall risk management approach and for approving risk strategies, principles and policies and procedures. Day to day adherence to risk principles is carried out by the executive management of the Group in compliance with the policies approved by the Board of Directors.Concentrations of riskConcentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Group%u2019s results to developments affecting a particular industry. In order to avoid excessive concentrations of risk, the Group%u2019s procedures include specifc monitoring controls to focus on the maintenance of a diversifed portfolio.Currency riskCurrency risk is the risk that the value of a fnancial instrument will fuctuate due to changes in foreign exchange rates. Such exposure arises from sale or purchases by an operating unit in currencies other than the unit%u2019s functional currency. Management monitors its exposure to foreign currency fuctuations which is mainly the US currency and employs appropriate strategies to mitigate any potential losses.A 5% change in the US dollar will have an impact on proft before tax of $0.56 million (2014: $0.02 million).(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)