One of the fundamental components of the Corporate Governance Framework is the audit function within the Company. The Board will ensure that an adequately resourced and suitably qualified Internal Audit Function is in place which will play a critical role in providing the Board and Executive Management with an objective and comprehensive view of the business.
The Internal Auditor will understand and document the business processes, identify risks and controls and validate that the controls are effective in mitigating risks. The Internal Audit Function will also confirm adherence to policies and standards of conduct.
The External Auditors will express an opinion on the fairness with which the Company presents its financial position, its results of operations and its cash flow. The Board will ensure that the External Auditors devote sufficient time, resources and skill to understand the business processes and transactions as part of the procedures for the audit of the financial statements. The Board will also ensure that all points reported in the independent auditor’s management letter or equivalent, are properly addressed by Management
Compliance, AML and CG Unit
The Compliance, AML and Corporate Governance Unit is responsible for monitoring the implementation of the set Corporate Governance Framework to ensure the quality of such implementation.
The Unit will also facilitate the review assessment of the Company’s corporate governance framework to verify full compliance with the set framework and related laws and regulations.
The results of the assessment will be highlighted and reported to the Board on a periodic basis for monitoring purposes.
The Board of the Company shall ensure that it operates an effective management system where the roles and responsibilities are clearly established. The Board will set out its expectations and will measure and reward successful attainment of the goals, whilst also holding individuals responsible for the non-attainment of the set goals.
The Risk Management Function will encompass all areas of the company where risks exist or may arise. The Risk Management Function will ensure that the overall risks of the Company are effectively managed. All employees of the Company have a role to play in the management of risks. Risks will be proactively managed within the Company and the Risk Management Function will be flexible enough to incorporate any new businesses the Company undertakes. Finally, the Risk Management Policy will be a comprehensive one and will be communicated from the Board of Directors down to the individual business lines.
The Board shall ensure that sufficient management resources are allocated to the identification, assessment and appropriate treatment of business risks.