||RBCT RISK AND ASSURANCE
RISK, ASSURANCE AND CORPORATE GOVERNANCE
The RBCT Board of Directors subscribes to the King Code Report on Corporate Governance for South Africa commonly referred to as “King IV”. The RBCT Board has delegated to the Finance Committee (Finco) the role of assisting with the promotion of independence and the balance of power to ensure effective discharge of their duties.
Finco will assist the Board in carrying out the following responsibilities:
RBCT expects all employees to share its commitment to high moral, ethical and legal standards.
Enterprise Risk Management (ERM) at RBCT is a strategic business discipline that supports the achievement of our objectives by addressing the full spectrum of risks and managing the combined impact as an interrelated risk profile. Management of risks in a concise and systematic manner is principle defined in “King IV” which also includes the implementation and execution of effective risk management techniques.
RBCT is exposed to various risks, which are insured or uninsured, depending on specific objectives being performed while fulfilling RBCT’s mission. The RBCT Risk Management team facilitate risk workshops in order to identify the risks and determine if they may be accepted, transferred, avoided or treated having recognised the need and taken the responsibility to preserve and protect RBCT employees and resources.
The Board of Directors acknowledges their responsibility in terms of an Internal Audit and Assurance Function as this ensures that RBCT keeps up to date with the complexity and rapid changes of the business environment as well as organisational dynamics, which includes regulatory and compliance frameworks.
The Board of Directors have set the strategic direction for the Internal Audit and Assurance function, which is required in order to provide relevant assurance that contributes to the effectiveness of Governance, Risk Management and Control processes. The Board of Directors have delegated this responsibility to the Finance Committee.
The Board of Directors and the Finance Committee have adopted the guidance and principles as expressed in the King Report on Corporate Governance in South Africa, in order to ensure that an ethical culture, good performance and effective control environment exists at RBCT. The Board of Directors ensures that Internal Audit and Assurance services provided to RBCT enable an effective control environment, which support the integrity of information for internal decision making and RBCT external reports. The Internal Audit and Assurance is also governed by standards and guidance under the International Professional Practices Framework.
The RBCT Board and Finco require that RBCT complies with the principles and recommended practices of “King IV” where practical.
- Finance and Accounting
- External Audit
- Risk Management and Internal Control
- IT Risks
- Internal Audit
- Corporate Governance matters including Ethics and Legal Compliance