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The Risk Committee Review

By maintaining an optimised level of risk management and risk governance at Massmart we ensure we have the information we need to effectively manage our risks and opportunities and continually take corrective action that will allow the Group to deliver on its strategy
O IghodaroCHAIRMAN OF THE RISK COMMITTEE
BOARD MEMBERS
BOARD STATUS
MEMBER SINCE
ATTENDANCE
O Ighodaro (Chairman)
Independent Non-Executive Director
24 May 2018
3/3
NN Gwagwa
Independent Non-Executive Director
1 November 2006
3/3
P Langeni*
Independent Non-Executive Director
25 August 2004
0/1
M Mthimunye
Independent Non-Executive Director
27 February 2019
3/3
MW Slape
Executive Director
1 September 2019
3/3
M Abdool-Samad
Executive Director
1 August 2019
3/3
* Resigned as a member of the Risk Committee effective 21 May 2020.

The Group’s preparedness to mitigate the risks the Covid-19 pandemic and the consequent lockdowns and to take advantage of any opportunities it presented contributed to our performance in 2020. Our Committee continues to monitor, review and assess the Group’s response to risks that are general in nature, industry risks and Group specific risks and opportunities. The Committee’s Charter was reviewed during 2020 and found to be compliant.

What kept our Risk Committee busy in 2020 and what will keep it busy in 2021 and beyond:

The focus of the Committee in 2020

  • Monitor and review the Group’s management of the risks associated with the impact of the Covid-19 pandemic and consequent lockdowns on the business and society
  • Conduct a review of global, domestic, industry and the competitor risk environment
  • Review Massmart’s risk appetite and risk tolerance and the determination of what constitutes excessive risk to Massmart
  • Ensure that the business takes into consideration the opportunities presented by some risks and that these opportunities are captured and exploited
  • Monitor the possible impact on Massmart’s growth agenda of an increasing and evolving regulatory environment
  • Review the Group’s information and technology governance and controls framework (including cyber security measures) and its responsiveness to the Group’s IT strategy

 

The focus of the Committee in 2021 and beyond

  • Ongoing monitoring and review of risks associated with the Covid-19 pandemic
  • Monitor and review Group compliance, ethics and anti-corruption risks
  • Implementation of the Group’s POPIA policy
  • Monitoring and review of Group IT Risks, security, control and operating environment
  • Aligning of business unit risk assessment processes and reporting with corporate risk assessment process

 

Olufunke Oghodaro
Chairman of the Risk Committee

8 April 2021