Risk management

The Board considers effective risk management essential to the achievement of the Company’s objectives and has implemented a structured and comprehensive system across the Company utilising the services of KPMG LLP in South Africa. The Company’s risk management policy aims to cover all significant business risks faced by the Company, including operational, financial and compliance risks, which could undermine the Company’s ability to achieve its business objectives.

The Company’s approach to risk management is value driven and has the stated objective of ensuring an environment in which it can grow shareholder value through developing and protecting staff, the Company’s assets, the environment in those locations in which it operates, and its reputation. The process is thorough and robust and is an essential element of the Company’s approach to business planning.

Each operating unit carries out a comprehensive annual risk review and updates its risk register accordingly. Objectives in the Business Plan are aligned with risks and a summary of the key risks, related internal controls, accountabilities and further mitigating actions, are reviewed and approved by the Board.