Risk Management

AWC realizes and gives precedence to sustainable risk management across the organization, from enterprise level to operational level in every business units. A risk and crisis management system was established to ensure that the AWC will be able to continuously and effectively determine risks and opportunities for AWC, as well as define appropriate strategy and mitigation plan to reduce probability and/or loss to be within acceptable level and/or to take advantage of additional business opportunities.

AWC has established the Enterprise Risk Management Framework according to the international standard of The Committee of Sponsoring Organizations of the Treadway Commission or COSO Enterprise Risk Management 2017. AWC applied the framework across the organization with the Risk Management Policy enforced on all employees.

Risk Governance

Risk Factors

AWC and its subsidiaries are the owner of various real estate businesses which cover Hospitality Business, Retail and Commercial Building Business and mixed-use properties. In business operation, AWC is fully aware that there are certain risks which may have negative impact on the Company’s businesses, financial conditions, performance results, and the Company’s future prospects. Hence, AWC constantly analyzes and assesses all potential risks, both internal and external, covering all business groups, as well as developing an effective mitigation actions to minimize the impact of identified risks and allow us to achieve the goals according to our strategies and direction. AWC considers key risks as those that could cause negative impact to the AWC’s business and discloses in the Annual Report. Below is an example of identified key risks

Besides identified key risk, AWC also identified emerging risks, in 2021 the emerging risks for AWC are:

Risk Culture

AWC recognizes that risk culture is a critical component of overall risk management. Therefore, AWC has focused on promoting a risk management culture throughout the organization.

Customer Relationship Management

Customers are key stakeholders to AWC. Customer relationship management is one of the most material topics because it directly impacts the economic dimension, affecting its sustainability. The customers’ needs keep changing while the company has to maintain the quality and safety of the products and services. Relationship management is not just about the company’s business growth, but it is also an important opportunity for the company to serve its customers better. Therefore, AWC strives to achieve high customer satisfaction in all business units by delivering high-quality services and products.

AWC has implemented Customer Relationship Management Programs with the customers, including tenants, which defined policy, objectives and procedures for developing long-term relationship with them. Additionally, AWC has develop marketing strategy and programs, in order to expand our customer base. Such programs include;

  • AWC Connext Application
  • AWC Infinite Lifestyle
  • Smart Building
  • Cross-promotions with various industries

AWC Connext Application

AWC is incorporating technology into its CRM to facilitate a better user experience.

AWC Infinite Lifestyle

Creating a universal experience by providing access to facilities at affiliated hotels under AWC across the country. This lifestyle service allows members to immerse themselves in the AWC experience from anywhere.

Smart Building

Incorporating innovation to deliver seamless access and experiences to customers.

Cross-promotions with various industries

This includes banking, medical and aviation industries. Expanding its business to cover more markets to ensures it thrives in these uncertain times.

Customer Satisfaction Survey

In order to gain deep understanding of customer needs, improve service quality, and developed long-term relationship, AWC conducted customer satisfaction survey on annual basis. The survey uses questionnaires that evaluate key issues which linked to corporate strategy, such as market focus, products/service provided, knowledge management, and business performance.

Customer Satisfaction 2022 Target
Year 2019 2020 2021 2022
Customer satisfaction result (%) 69.94 73.52 74.35 73.37 73
*Remark: AWC has increased data coverage scope in customer satisfaction survey. The survey results in 2022 included Hospitality, Retail, and Commercial Business Units. Prior to year 2022, the results were from hospitality business unit only.

Supply Chain Management

AWC realizes an importance of sustainable supply chain management. With the increasing demands for more transparent, ethical, and environmentally friendly business operations, supply chain efficiency and sustainability ensure the AWC’s business operation run seamlessly, while reduce and mitigate risks more effectively, and fulfill the needs of our diverse customers. All these will enhance AWC’s competitive advantage over our competitors.

To ensure all emerging challenges are appropriately managed, AWC adopts the AWC’s Supplier Code of Conduct (SCoC) and disseminate to all suppliers. All suppliers are required to acknowledge the SCoC and return the acknowledgement form to AWC. Any supplier who fails to comply with the SCoC’s fundamental requirements will be facing different levels of actions, including the termination of the supplier contract and removal from the AWC’s vendor list. Requirements stipulated in the AWC’s Supplier Code of Conduct include corporate governance, business ethics, human rights and labor practices occupational health and safety, and environmental management. In addition to the implementation of the SCoC, AWC also develops the policy for vendor selection and Green Procurement Policy to emphasize our commitment to creating the sustainable supply chain management.


To ensure that our supply chain management are supporting business strategy and business growth direction, AWC has established the following five Supply Chain Management Strategies to promote AWC’s strength and leverage suppliers’ ESG standards

Strengthening Buyers / Suppliers’ capacities
Process Improvement
Collaboration for Sustainable Growth
Creating Sustainable Value
Integrated Risk Management
Key ESG Objective ESG requirements in supplier selection and contract Link to SCM Strategy
Safety Standard Enhancement Occupational Health and Safety Compliance is one of the supplier evaluation criteria in which all suppliers are com new vendor evaluation form. In addition, AWC recognizes the importance of an increasing demand for the third - party verification/audit . Any supplier/vendor who submit the third- party verification/audit report will score higher than those who do not submit such report. It is also noted that any non – compliance of OHS standards/requirements is identified/found, the supplier/vendor shall be facing 2 points deduction from the supplier evaluation activity
  1. Strengthening Partners
  2. Creating Sustainable Value
  3. Integrated Risk Management
Effective Fraud Prevention Fraud prevention is one of the issues AWC will not be tolerant and strongly emphasize as having been echoed in Our Codes of Conduct as well as the Supplier’s Code of Conduct. To prevent fraud throughout our supply chain, AWC requires improved control measures and due diligence process for both company wide and throughout supply chain.
  1. Strengthening Suppliers
  2. Process Enhancement
  3. Collaboration for Sustainable Growth

To ensure that our strategies are being executed accordingly, AWC has set the KPIs to measure the success for strategies implementation

  • 100% of significant / critical tier 1 suppliers acknowledged the SCoC and ensure the effective implementation of the SCoC
  • 100% of significant / critical tier 1 suppliers have mitigation plans and risks are addressed within 12 months
  • 100% of significant / critical tier 1 suppliers strictly comply with safety and environmental-related laws and standard
  • 100% of the suppliers from the Approved Vendor List will be requested to conduct the desk assessments through self-questionnaire which was developed aligned with international standard e.g. ISO14000, ISO18000, ISO26000 or relevant


AWC has transparent and ethical supplier management system. The system is for the recruitment of qualified vendors/suppliers, building and maintain long term good relationships with vendors, and increase of customer satisfaction. The management system covers:

  • New Vendor Registration
  • Supplier Performance Evaluation

To effectively manage suppliers/vendors, AWC classifies significant / critical suppliers per the following criteria: supplier with high volume or spending, supplier with critical components and supplier with non-substitutable products or services.


Selection of New Supplier by criteria which includes ESG requirements & Communication of Supplier Code of Conduct
Supplier Classification
Supplier Evaluation, including Risk & ESG Assessment
ESG On-site Audit
Supplier Capability Developoment


Asset World Corp Public Company Limited or AWC has developed a Supplier Code of Conduct or SCoC, which sets out minimum standards and practices for our suppliers. The following principles have been stated in the ScoC:

The SCoC will be disseminated to suppliers, along with a standard procurement contract. Suppliers must acknowledge and strictly comply with principles set forth in the SCoC. Should there be any non compliance, misconduct or violation against the SCoC, the supplier is subjected to the different level of a penalty. The company reserves the right to suspend, terminate the contract, amend specific contractual terms and remove a vendor form the approved vendor list. In addition to AWC’s SCoC that has been given out to our suppliers, AWC also encourages our suppliers to develop their own SCoC and disseminate to their own suppliers or contractors. This is to create sustainable impact throughout the supply chain.



To ensure that our suppliers will have sufficient capacity to deliver the best value to AWC and our stakeholders throughout the value chain, AWC has established systems to review suppliers’ qualifications. For suppliers to be registered as an AWC vendor, the following qualifications must be met: trustworthy, non blacklisted, free from conflict of interest with AWC’s businesses, financial status, environmental protection measures, and occupational health and safety measures. Besides qualifications for new vendor registration, AWC also conducts supplier performance evaluations upon completion of service or product delivery. Five evaluation aspects are taken into consideration when evaluating supplier’s performance, including:

  • On-time delivery of completed products / services
  • Quality of products / services and personnel
  • Etiquette in communication and ease of coordination
  • Compliance with s with building rules and regulations
  • Commitment to environment, health, safety and sustainability


Supply chain management is at the heart of the Company’s business operations, providing a competitive advantage, fulfilling consumers’ needs, and mitigating business risks. To deliver a sustainable solution to the value chain, vendors and suppliers play an essential role as AWC relies on those business partners to run the business smoothly.

AWC's supply chain can be categorized into two main groups: non-project suppliers and project-based suppliers, which are divided into eight industries: Food & Agro-Industry, Consumer Products, Insurance and Financials, Industrials, Property & Construction, Resources, Services, and Technology. AWC has different management approaches for different categories of suppliers, apart from some specific common practices. AWC has communicated expectations for more transparency, ethically sound and environmentally friendly business operations in its supply chain to deliver higher standards in our value chain. AWC aims to improve its supply chain management and make vendors more sustainable together.

In the procurement process, AWC adheres to transparency and accountability principles. In addition, we have integrated the sustainability requirements in the pre-tendering stage such as occupational health and safety (OHS) requirements, the promotion of the use of environmental friendly goods and services such as recycled or materials whilst adhering to design standards

For AWC, a significant / critical suppliers refers to manufacturers; goods, materials and services providers; and goods, materials and services distributors who has significant impact on AWC’s competitive advantage, market success, and business operation. Definition of significant / critical suppliers is

  • Suppliers with high volume purchase or high spending (80%).
  • Suppliers whose products or services are critical to the business operation.
  • Suppliers whose products or services cannot be substitutable.

AWC conducts an annual supplier audit, based on type, expenditure, and the risk levels of the ESG risk assessment result. All of the suppliers from the Approved Vendor List will be requested to conduct the audit. AWC conducts an annual supplier audit, based on type, expenditure, and the risk levels of the ESG risk assessment result. 100% of the suppliers from the Approved Vendor List will be requested to conduct the audit.

ESG high risks suppliers are any manufacturers; goods, materials and services providers; and goods, materials and services distributors, whose operations are likely to have or cause negative ESG impacts to AWC. Negative ESG impacts can included non-compliance or breach of applicable laws, rules, and regulation, Supplier Code of Conduct, human rights and labour rights standards, occupational health and safety practice, environmental responsibility, and etc.

In addition, we conduct both in-process OHS inspection and audit upon completion of the assignments/ projects.The annual supplier evaluation is undertaken via on site visits/audits covering all aspects of product and service delivery such as quality, safety and compliance with relevant laws and regulations. Evaluation results will form a part of AWC’s Vendor Relationship Management.


100% of new suppliers screened using environmental criteria


100% of new suppliers screened using social criteria


Total Number of Supplier
Tier 1 suppliers 2,049
Significant / critical suppliers in Tier 1 (80% of total spending) 114


AWC values capability development for all stakeholders, especially suppliers. AWC is aiming to enhance supplier’s capacity towards sustainable business and growth with the AWC and to turn supply chain risks and challenges into business opportunities.

Supply Chain Management

Spend Analysis Unit 2021 2022
Total supply chain spend value Million THB 2,494 1,963

Information and Data Security

With technology advancement and data privacy that has been pushed into the forefront of international legal disputes, it has caused a significant regulatory change. Organizations had to improve their customer and employee data management, which unavoidably highlights information security issues. While Thailand’s regulatory framework is catching up to its international peers, AWC considers data privacy protection as one of its priorities. Understanding its role in data protection for clients, business partners, and employees, AWC determines to take this duty seriously.

Besides, to continuously develop our information management system, AWC established Information Technology Sub-Committee to oversee information and data security strategy, performance, and provide relevant suggestion. This Information Technology Sub-Committee comprises of directors and executives who have relevant responsibilities and experiences in information and data security. The chairman of the Information Technology Steering Committee is Chief Corporate Officer (CCO) and IT Committee, whose has extensive background in information and data security and to be responsible for overseeing information and data security within the company. The CCO reports directly to the Risk Management Committee who supervise and support successful implementation of information technology.

IT Steering Committee

Security Awareness

In order to create awareness regarding cybersecurity among AWC’s executives, and employees, AWC established Privacy Policy.

AWC complies with the Personal Data Protection Act 2019 and Cyber Security Act 2019, and other related legislation such as General Data Protection Regulation 2016 by adhering to lawful data collection, recording, and using it only for the relevant purpose. The policy is made internally available to all employees as well as contractors who have permission to access AWC’s information and data. The main objectives of the policy are to describe roles and responsibilities of relevant personals, manage internal information properties, control, and maintain information and data security for both internal and external storage, provide guidance for business continuity plan, and provide guidance for employees to follow.

Information and Data Security Incident Response Plan

AWC developed Information and Data Security Incident Response Plan to systematically manage issues related to information and data security. This incident response plan is designed to be applicable for AWC and external party (contractor) that responsible for storing AWC’s information and data.
AWC Data Leak Prevention system is developed to minimize the risk of data breaches while improving the IT infrastructure efficiency. With strict ethical data usage practice, AWC builds a culture of responsible data use to enhance IT infrastructure efficiency. The company raises awareness about data protection, communicates the emerging IT news via newsletter, and conducts an internal inspection.

We conduct regular testing of our systems at least semi-annually, which includes evaluation of an incident response plan, a disaster recovery plan, a data leak prevention system, and performance of security tests on the core business applications using the Penetration Testing Technique. This process enables the AWC to detect any potential vulnerabilities in the systems and implement essential upgrades or modifications as needed.

AWC assures our stakeholders that we are well prepared for any potential information technology related crises that may occurs.

IT and Cyber Security Performance

2019 2020 2021 2022 Target 2022
Total number of information security breaches 0 0 0 0 0
Total number of clients, customers and employees affected by the breaches 0 0 0 0 0

Our Approach to Tax

AWC believes in creating long term value to the whole system and being good corporate citizen. We manage tax affairs consistent with our vision, mission, and core values.

Responsible Tax Compliance

We aim to pay an appropriate amount of tax according to where value is created within the normal course of commercial activity. Any transfer pricing is calculated using the “arm’s length principle”. We also commit not to transfer value created to low tax jurisdiction and not to use tax structures without commercial substance.

We strive to be good force to enhance strong value chain towards sustainability, building a better future together.

Reasonable Tax Planning

AWC does have a responsibility to our shareholders, employees, and business partners to ensure that we do not incur unnecessary or unintended tax liabilities which would damage our business.

This means that we will engage in reasonable tax planning to ensure we are not taxed multiple times on the same profits or transactions, and that we do not fall into any unintended tax traps exposing ourselves to taxes higher than those intended by legislation.
We would also take advantage of tax incentives or exemptions that are provided for in a jurisdiction’s legislation, where we are able to do so. We will not engage transactions which can represent any form of financial crime, tax evasion, or facilitation of tax evasion. In addition, we will not transfer value created to low tax jurisdictions, use secrecy jurisdictions or tax havens for tax avoidance, or use tax structures without commercial substance.

Appropriate Transfer Pricing Practice

We aim to pay an appropriate amount of tax according to where value is created within the normal course of commercial activity. Any transfer pricing is calculated using the “arm’s length principle”.

We strive to be good force to enhance strong value chain towards sustainability, building a better future together.

Organization Contributions

Organization Name Type of Organization Amount (THB)
2019 2020 2021 2022
1. Australian-Thai Chamber of Commerce Trade Association 19,260 19,260 19,371 259,751
2. Thai Hotel Association Trade Association - - 30,500 145,905
3. Thailand Incentive and Convention Association Trade Association 27,730 - - 129,553
4. The American Chamber of Commerce Trade Association 26,750 34,240 34,240 74,241
5. Netherlands-Thai Chamber of Commerce Trade Association - - - 69,507
6. German-Thai Chamber of Commerce Trade Association - - - 56,100
7. Phuket Hotel Association (PHA) Trade Association - - - 55,636
8. British Chamber of Commerce Trade Association 22,470 22,470 22,470 49,220
9. Franco-Thai Chamber of Commerce Trade Association - - - 48,150
10. Spanish-Thai Chamber of Commerce Trade Association - - - 37,672
11. Others (eg. The Chambers of Commerce) Trade Association - 14,980 70,192 77,474
Total 96,210 90,950 176,773 1,003,208

AWC did not make any contributions to and spending for political campaigns, political organizations, lobbyists or lobbying organizations, and other tax-exempt groups, in accordance with Anti-Corruption Policy.


Major issues or topics that AWC supported in 2022 were as follows:

Topic Corporate Position Description of Position / Engagement Total Amount Paid in 2022
Support business and trade to promote Thailand’s economic advancement Support AWC is a proactive member to various chambers of commerce including Australian-Thai, The American, Netherlands-Thai, German-Thai, British, Franco- Thai, Spanish-Thai, Japan-Thai, New Zealand-Thai, and Singapore-Thai Chamber of Commerce. The purpose and values of these chamber of commerce are to advocate for pro-business policies that help businesses prosper, to forge relations between nations and ultimately, to contribute to the growth of Thailand’s economy. In addition, this is a part of contribution to strengthen good relationships and share cultures between Thailand and the foreign countries. 645,144 Baht
Promote accommodation, meeting and events standards for hotels and resorts in Thailand to foster and enhance the continuous growth of tourism industry Support AWC participates and provides contributions to tourism-related associations at both national and local levels such as Thailand Hotel Association, Thailand Incentive and Convention Association, Phuket Hotel Association, Thailand Hotel Standard Foundation, and etc. These associations play a unique role in the promotion and development of Thailand’s tourism industry. The associations aim to raise the standard of the overall hotel business with a consistent and dependable standardized star rating system of one to five throughout the country. At AWC, affiliated hotels are aimed to achieve five-star rating as they continuously provide the best service quality to customers, enhance resources efficiency, as well as promote marketing/sales of the hotel to be able to compete with fairness and in accordance with market conditions, as well as respond to customers’ demands. 358,063 Baht

AWC is committed to align of its climate change support with the Paris Agreement with the goal of restricting global temperature rise to 1.5⁰C above pre-industrial levels. Furthermore, AWC is actively working to ensure that the hotel brands (e.g. Marriott International,  Hilton Worldwide, IHG Hotels & Resorts, Banyan Tree, and Melia Hotels International), associations, and alliances in which it invests also align their climate change advocacy efforts with the same goal of restricting global temperature rise to 1.5⁰C above pre-industrial levels.


The top three trade associations that AWC contributed in 2022 were as follows:

Name Type of Organization Description of Trade Association Total Amount Paid in 2022
Australian-Thai Chamber of Commerce Trade Association The Australian-Thai Chamber of Commerce serves as a platform to promote and strengthen business ties between Australia and Thailand. The main objectives include fostering bilateral trade, investment, and economic cooperation between the two countries. It arranged various activities which AWC has gained accessibilities of, such as networking events, business services, advocacy, and promoted trade and investment, as well as corporate social responsibility programs. 259,751 Baht
Thai Hotel Association Trade Association Thai Hotel Association is established to promote unity and mutual support in matters related to the hotel industry and its members, promote tourism in Thailand by requesting cooperation from government tourism organizations and tourism organizations in other countries, and enhance knowledge and coordination among members. AWC with more than 50% of hotels properties, supporting Thai Hotel Association strengthens relationship with stakeholders and enhances the contributions for this industry. 145,905 Baht
Thailand Incentive and Convention Association Trade Association The Thailand Incentive and Convention Association (TICA) is primarily focused on promoting Thailand as a destination for meetings, incentives, conferences, and exhibitions (MICE). The main objective is to attract and support international events and business gatherings to boost Thailand's economy through the MICE industry. TICA works closely with various stakeholders, including government agencies, private companies, event organizers, and service providers, to enhance Thailand's capabilities in hosting international conferences, trade shows, conventions, and incentive trips. 129,553 Baht