3. PPECB Annual Report 2009-2010

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corporategovernancecontentsRisk ManagementTop 5 Risks5556Structure58Materiality Framework61Controls62Looking Ahead62Administration62Audit Committee Statement of Responsibility6354PPECB | annual report | 2009 - 2010
isk managementPPECB is committed to the principles and values of goodcorporate governance and a fundamental part of this iseffective risk management. In compliance with the provisionsof the PFMA, risk management is not a compliance issuebut a business imperative. We remain committed todeveloping and growing the business of PPECB within ourBoard-determined risk appetite.The Board, through the Risk Management Committee, isultimately responsible for risk management process andcontrols. The Risk Management Committee assists the Boardin fulfilling its oversight role. The Board approves riskmanagement policies and its strategy and ensures thatmanagement has adequately discharged their responsibilityof designing appropriate structures, systems and controls tointegrate risk management into day-to-day activities.The Risk Management Committee advises the Board on theidentification and management of the main risks withinPPECB. Annual risk assessments are conducted to ensurethe effectiveness of the risk management policy andstrategies. The Risk Management Committee itself is annuallyassessed to ensure its value, effectiveness and to makerecommendations on improvements.The Risk Management Committee strategy is that risks, bytheir very nature, are not static, hence the vigilant approachto risk management. PPECB mitigating strategies areconstantly being monitored and adapted. Regular feedbacksand reports are provided to the Risk Management Committeeen route to the Board.PPECB is committed to increasing value and growing thebusiness but seek to do this in a controlled environment.Despite a tough economic environment in 2009, ExecutiveManagement and the Board has remained closely involvedwith risk management initiatives and risk management strategieshave proven effective throughout the year under review.Responsibility and accountability for risk management resideat all levels within the organisation. Every business unit isrepresented on the Risk Management Committee. PPECBuses the 3 line of defence model: the business unit managerwho is responsible for day-to-day risk management activities;the Risk Management Committee responsible for the riskmanagement framework and policy, oversight andindependent reporting; and finally the internal audit functionwhich provides an independent assessment of the adequacyand effectiveness of the risk management framework andrisk governance structures.The Year under ReviewOur focus for the year was aimed at reinforcing the buildingblocks that have been established in the previous years. Oneof the key focus areas was to strengthen the risk maturityin the organisation through developing a risk managementculture. During the year under review, PPECB provided riskmanagement training to all its key business managers. Riskmanagement strategies are deployed throughout ourorganisation in the form of operational strategies, measurableaction plans and projects. This is rigorously monitored bythe responsible project leader.The Risk Management Committee has refined its riskmanagement framework, strategies and policies to alignthese with best practice.The main threats to PPECB are emanating from the HR andIT areas. Capacity and retention of skill remain an area ofconcern for PPECB. There is continued focus on employingand retaining high-quality people. It is essential for PPECBto remain technologically relevant to be able to deliver onits objective to be a credible source of information. The Boardhas recognised that PPECB needs to invest significantly in ITinfrastructure and capacity.During the year under review, the annual risk assessmentwas attended by members of the Board, ExecutiveManagement and the Risk Management Committee andwas externally facilitated. The purpose was to ensure thatthere is a uniform understanding of the risks facing PPECBand application of risk management strategies.There has been significant improvement in the risk maturityof the organisation. To support and grow the culture of riskawareness in the business, training programmes and systemswill be implemented and will serve to reduce risk exposureand increase day-to-day accountability within PPECB.PPECB | annual report | 2009 - 2010 55
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our visionA Partner in Global Compe
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3. PPECB Annual Report 2009-2010

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