Integrated Annual Report 2021
Integrated Annual Report 2021
Board committee feedback

Risk Committee

Olufunke IghodaroCHAIRMAN OF THE
AUDIT COMMITTEE

Our role is to assist the Board by providing oversight of the Group’s risk governance and risk management processes in place to meet its strategic objectives. We are satisfied that we fulfilled our responsibilities in accordance with our Charter.

COMMITTEE MEMBERS
BOARD STATUS
MEMBER SINCE
ATTENDANCE
O Ighodaro (Chairman)
Independent Non-Executive Director
25 May 2018
3/3
NN Gwagwa*
Independent Non-Executive Director
1 November 2006
2/2
L 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 27 August 2021.

The focus of the Committee in 2021

  • Monitored and reviewed the Group’s management of the risks associated with Covid-19 trading restrictions and the civil unrest on the business; and monitored compliance with the health and safety environment
  • Assessed the adequacy of Massmart’s Group Insurance Programme
  • Monitored the possible impact on Massmart’s strategy of an increasing and evolving regulatory environment
  • Reviewed the Group’s information and technology governance and controls framework (including cyber security measures) and its responsiveness to the Group’s IT strategy
  • Reviewed planned and current investment in information technology
  • Assessed and reviewed Massmart’s risk appetite and risk tolerance and the determination of what constitutes excessive risk to Massmart
  • Monitored and reviewed the Group’s enterprise and IT risks
  • Monitored the implementation of the Group’s POPIA policy
  • Reviewed the Risk Committee Charter and found this to be compliant

 

Our focus in 2022 and beyond

  • Review the Group’s developing Enterprise Risk Management framework
  • Improve alignment of key risks and management thereof
  • Ongoing monitoring and review of risks associated with the Covid-19 pandemic and impacts of the civil unrest
  • Monitor and review Group compliance, ethics and anti-corruption risks
  • Monitor and review the Group’s POPIA policy
  • Aligning of business unit risk assessment processes and reporting with the corporate risk assessment process
  • Continue to monitor and review the Group’s enterprise and IT risks