Members: Mr. M Edge (Chairman), Dr J Myers, Mrs. S Shereni
Attendees: Mrs. T Mpofu, Mr. D Mboweni, Mr. K Chirairo, Mr. R Chimanikire
The Committee focuses on the quality of the Group’s financial reporting and the effectiveness of the Group’s systems of internal control and, in conjunction with the Risk Committee, risk management processes. It also oversees the integrity of internal audit and assurance and manages the relationship with the Group’s external auditors. The latter responsibility entails ensuring that the external auditors provide an effective and independent audit.
The Committee’s ultimate goal is to ensure the integrity of financial reporting and implementation of sound internal controls and risk management. The Committee considers and reviews reports from management with a view to assessing the quality of the financial reporting and compliance with disclosure requirements.
The external auditors attend the committee meetings to present their report on key matters and any findings deemed necessary to bring attention to the Committee. In terms of overseeing internal audit, the Group Chief Risk Officer attends the meetings and has direct communication lines with the Committee Chairman.
The Chairman and two members of the Committee are independent non-executive Directors.
Members: Mrs. S Shereni (Chairperson), Mr. M Edge, Mr. D Mboweni
The Committee’s primary role is to oversee the effectiveness of risk and compliance management within the Group. The identification and management of risk are central to the Group’s objective of creating long-term shareholder value. Risks have the potential to impact the Group’s overall performance as well as its reputation. The Committee plays the critical role of identifying, analysing and assessing risk issues in order to prevent or minimize the likelihood of that impact.
The Committee co-ordinates and reviews information on risk management and ensures that the risk management systems are operating effectively. It reviews on behalf of the Board both operational and strategic risks with a view to ensuring that these are addressed timeously and effectively.
The Committee also monitors the Group’s compliance record, the objective being to ensure the Group meets its legal and regulatory obligations and in the process instill a culture of compliance and integrity.
The Group’s Chief Risk Officer attends the committee meetings and presents reports on risk management.