ANNUAL REPORT 2024
TOGETHER IN BELIEF, LEADING IN INNOVATION
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An Cuong firmly believes that, building and executing a meticulously designed risk management system —from robust infrastructure to fostering a culture of proactive risk awareness—is not just a strategic decision but a commitment to
Risk Management Plan For 2025 Monitoring and Evaluating the Effectiveness of RM policies
Continuously assessing newly emerging risks, such as changes in environmental regulations or interior consumption trends, while conducting periodic inspections of production, storage, and product distribution activities also helps in early identification of potential risks such as machinery breakdowns, occupational accident hazards, or non-compliance within the supply chain. Key performance indicators (KPIs) will be used to evaluate the effectiveness of RM plans. An Cuong is going to monitor the rate of product quality violations within the manufacturing facilities to assess the efficiency of automated monitoring systems. A significant reduction in this rate following the implementation of management measures served as evidence of the plan's success. This approach could enable ongoing improvements or adjustments to the measures, ensuring that production and business operations are optimized and developed sustainably. Building on the achievements of previous years, An Cuong continues the digital transformation plan with higher objectives. This includes completing the upgrade and expanding the implementation of SAP S/4HANA, developing data warehouse software (DW system) and management reporting tools (SAP SAC BI), and integrating An Cuong’s existing applications with SAP S/4HANA and SAP SAC BI across the entire system. The plans also involve establishing a Customer Relationship Management (CRM) system, creating production management software for furniture factories, and developing cost estimation software. Furthermore, An Cuong is implementing the integration of SAP S/4HANA and internal management software with artificial intelligence (AI) platforms to connect data, automate risk identification processes, provide optimal control recommendations, forecast market trends, and reduce the risk of failure in new product development. Additionally, An Cuong is working towards developing an online RM system designed to provide a comprehensive and effective platform for businesses to identify, assess, monitor, and manage risks. This initiative leverages digitization and automation of risk management processes. The system will serve as a tool to connect departments, centralize information storage, and issue timely alerts based on real-time data.
excellence. This endeavor ensures that every aspect of risk management is seamlessly integrated, comprehensive, and purpose-driven, aligning with the Company’s unwavering commitment to achieve sustainable growth.
Applying digital transformation and information technology in RM system
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