RISK COMMITTEE

The main purpose of the risk committee is to assist the board in ensuring that management has an effective risk management process that identifies and monitors the management of the key risks facing the company in an integrated and timely manner.

Members: Mike Leeming (Chairman), Lindiwe Bakoro, Zarina Bassa, Andrew Higginson, Stuart Rose, Thina Siwendu, Simon Susman, Sindi Zilwa and the three executive directors.

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

• assisting the directors in fulfilling their responsibility of ensuring that there is an effective and embedded risk management process in place throughout the group;
• assessing 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;
• assessing if the risk management process will ensure that emerging risks are identified and managed;
• assessing whether all new business opportunities have been appropriately considered from a risk perspective;
• assessing if appropriate processes/controls are in place to ensure regulatory compliance;
• assisting the directors in fulfilling their responsibility of ensuring that there is an IT governance framework in place throughout the group;
• assessing whether IT risks are adequately addressed through the risk management, monitoring and assurance processes;
• reviewing the adequacy of the group's insurance portfolios;
• reviewing the impact that significant litigation could have on the group;
• noting the outcome of the periodic audit of the risk management process; and
• reviewing of the terms of reference and activities of subsidiary company and joint venture risk committees.

The committee meets four times a year, with the Chairman of the board attending by invitation after the group’s interim and annual financial results. The external auditors attend all the committee meetings. The committee Chairman reports back to the board on the activities of the committee. The minutes of the committee meetings are circulated to all directors.