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 instil a culture of compliance and integrity.

The Group’s Chief Risk Officer attends the committee meetings and presents reports on risk management.