Conditions - Annexure G

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Risk Assessment: Every entity faces a variety of risks from external and internal sources that must be assessed. Risk assessment is the identification and analysisof relevant risks and their impact on the achievement of the company’s objectives. Management must form a basis for determining how risk should be managed.Because economic, industry, regulatory, and operating conditions will continue to change, management will need to employ mechanisms that enable management toidentify and address the special risks that result from such change.Objective Key control activities AdministratorKey ControlsAuditProceduresFindings andexceptionsnotedExplanationformmanagementin respect ofexceptionsSafeguarding of assets16(d)16(a)Management of the administrator hasestablished risk identification practices inplace which include mechanisms toanticipate, identify, analyze, evaluate,manage and mitigate the risksassociated with safeguarding of assetswhich is communicated and reinforced.Management has ensured that duties aresegregated and that there are frequentreconciliationsWhere the administrator fulfils the duty ofsafe custody of assets, the administratorhas policies and procedures to complywith conditions 15 and 16 of the<strong>Conditions</strong>10
Maintaining suitablefunding levels (liquidity)16(f) and 16(g)Monitoring of continuous compliancethroughout the financial period as well asto ensure that procedures are in place todetect any deviation from compliance inensuring compliance with conditions 13.2and 13.3 of the <strong>Conditions</strong>.Management hasprofessional indemnityand fidelity cover.424Documented policies and procedures toassess adequacy thereof iscommunicated and reinforced.A register of professional indemnityclaims are kept. Corrective actionmechanisms, policies and proceduresare documented, communicated andreinforcedManage risk of systemand database failureswith business continuity,system recovery plan3 Management of the administrator has adocumented disaster recovery planincluding policies and procedures fordisaster recovery, which iscommunicated and tested on a regularbasis.11
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Conditions - Annexure G

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