risk committee

The main purpose of the risk committee is to ensure that management has implemented and maintained an effective risk management process in the group.

Members: Mike Leeming (Chairman), Peter Bacon, Lindiwe Bakoro, Nigel Colne, Thina Siwendu, Sindi Zilwa (six non-executive directors) and Simon Susman, Andrew Jennings, Norman Thompson and Zyda Rylands (three executive directors). The presence of the executive directors on this committee ensures that effective risk management remains an important part of the day-to-day operations of the company.

The committee’s terms of reference include the following responsibilities:

• assist the directors in fulfilling their responsibilities for ensuring that there is an effective and embedded risk management process in place throughout the group;
• assess whether there are appropriate processes/controls in place to manage the key risks down to an acceptable level, in line with the board’s risk appetite;
• assess if the risk management process will ensure that emerging risks are identified and managed;
• assess whether all significant new business opportunities have been appropriately considered from a risk perspective;
• assess if appropriate processes/controls are in place to ensure regulatory compliance; and
• review the adequacy of the group’s insurance portfolio.

The committee meets four times during the year, the external auditors attend the committee meetings and the Chairman of the board attends the meetings after the group’s interim and annual financial results.