At the request of the audit committee, and in accordance with good practice, the internal audit function reviews the group’s risk management process every financial year. Internal audit concluded during their 2016 review that the risk management process adds value to the organisation, and that the group effectively applies the King III principles relating to risk management.
The audit committee provides guidance to the internal audit function on the priority of risks to be reviewed and the internal audit function provides assurance in this regard. The board is satisfied that an adequate process for identifying, evaluating and managing significant risks is in place for the financial year and until the time of the approval of the integrated report.
The group’s sustainability reporting is in the early stages of development and assurance in this area forms part of the internal risk management process described above. King III recommends that a formal external assurance process regarding sustainability-specific reporting should be established. However, the board believes that the cost of such an assurance engagement would far exceed the benefit to stakeholders at this time. Furthermore, the board is of the opinion that there is sufficient integrity within the group’s reporting process to rely on the sustainability disclosures.
Governance Assessment 2017 [PDF – 900KB]
GAI 2017 [PDF – 190KB]
Governance Assessment 2016 [PDF – 1.35MB]
Governance Assessment 2015 [PDF – 365KB]
Governance Assessment 2014 [PDF – 580KB]