 Bismillah al-Khmeri, may Salam al-Aqm al-Pakistan, welcome back to corporate governance. We are talking about the various implied factors and situations which tend to affect corporate governance. And today we are going to talk about the issues of governance related to implementation of risk management. Now all of these things are indirectly related to corporate governance and we see that these different factors and these different centers of focus have a very huge impact on business and organizations. And therefore it is very important that we keep them in consideration and see what are the pros and cons of such units or of such interventions or such perspectives of management. Now ladies and gentlemen in any good organization risk management is a very very important sub-center of the management framework. We see that risk managers and risk management basically proactively engages into creating scenarios whereby it is ensured that whatever fluctuations are taking place within the market they do not affect the company adversely and the company is well prepared to basically be flexible enough and to be accommodating enough so that they can go through those different fluxes which are created within the market at a national and international level and also at a sectoral level. Risk managers were unfortunately traditionally considered to be separate from the management and not regarded as an essential part of implementing the company strategy. Both financial and non-financial companies face a similar range of risk that need to be managed including operational, strategic and market risk. Again ladies and gentlemen just like I was mentioning that risk managers were not given pivotal positions in the previous decades but now the risk manager is a very pivotal individual in the core management team of any organization. We have seen that both in the financial and non-financial companies there are various risks which are involved and therefore it is very important to manage the operational strategic and market risk at an individual level. If they are not done we have seen what happened to Enron, we have seen what happened to various banks around the world many large banks closed down or were taken over and we have seen how different financial institutions have also gone bankrupt because they were not in tandem with the operational strategic and market risk of the time and therefore it is very important in corporate governance that all of this should be considered and communicated to the board and the top management so that they can proactively engage themselves in a way which would stabilize the organization. The aim is to ensure that risks are understood, managed and when appropriate communicated. So, all risks have to be understood and proper working has to be done and then they have to be managed and then most importantly which we tend to forget sometimes is that whenever appropriate they have to be communicated across the board, across the different segments and levels of management and effective implementation of risk management requires an enterprise wide approach rather than treating each business unit individually. So, when we are talking about risk then again if we take an example of the supply chain context then it is not one unit, one department or one employee that is being looked at. It is being looked at as a complete picture and therefore if the chain is as strong as its weakest link. So, most importantly in risk management weak links are identified and they are catered to and therefore then a very effective implementation tends to take place so that no business is adversely affected. The board should also review and provide guidance about the alignment of corporate strategy with risk appetite. To assist the board in its work it should also be considered a good practice that risk management and the control functions being dependent of profit centers. So, that is also extremely important and therefore what we see is that the risk unit basically has a metrics approach with all of the other departments and they work together to ensure that the corporate strategy has the durability and the flexibility and the cushion for a risk appetite and therefore they work from the top to the bottom level in the best possible way and they ensure that the organization is moving forward without the different flux factors and also the improbability of facing major losses across the strategies which is trying to implement in the market of the 21st century. The process of risk management and the results of risk assessments could be appropriately discussed again at the top level and at the board level. Corporate governance standards should be encouraged to include or improve references to risk management to raise awareness. So, again that is very important that we have to create the standards within the organization we have to create the parameters within the organization we have to set the upper and lower limits we have to understand what should be done and what cannot be done and where is the precipice and where is it the levels of risk that can be taken and again not to take blind risk whereby a whole organization which was established could face mega losses. So, all of this is extremely important and that again leads to good governance and corporate governance through the implementation of risk management. Thank you so much.