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 recognises the need for assurance over the adequacy and effectiveness of controls and has ensured that an Internal Audit Function together with the assistance of a shareholder representative (Glencore Internal Audit) perform this duty. The Internal Audit function ensures quarterly reports are issued to Finco for review and ensures the annual assurance plan is issued for approval.
The Internal Audit function also ensures that investigations are carried out in accordance with RBCT approved policies and procedures. The Head of Internal Audit also has unrestricted access to the Chairman of Finco.
The RBCT Board and Finco require that RBCT complies with the principles and recommended practices of “King IV” where practical.