Page 55 - Fasset_AR_2023_E

FASSET | Annual Integrated Report 2022/23

2.5.4 Audit, Risk and Compliance • The department facilitated trainings on risk
Department management including BCM and compliance
management.
• Reviewed and updated the approved
Compliance Regulatory Universe for FASSET.

• Developed Compliance Risk Management
Nobuntu Gwala Plans (CRMPs) for five pieces of legislation and
Audit, Risk and Compliance monitored compliance thereof.
Manager • Procured the Lexis Risk Management System and

facilitated training of users on the new system.
The Audit, Risk and Compliance department is B-BBEE and Other Initiatives
responsible for, amongst others, the following:
• Facilitated the Broad-Based Black Economic
• Monitoring the implementation of the Enterprise- Empowerment (B-BBEE) verification exercise
Wide Risk Management and Compliance which resulted in FASSET receiving a Level-8
Frameworks throughout the organisation. rating. This is a significant improvement
• Facilitating and coordinating the Audit process. compared to the non-compliant rating received
in the previous reporting year.
• Providing support to management and business
units in implementing the approved risk • Facilitated the development of a B-BBEE Strategy
management and compliance policies and for FASSET for 2023/24 and upcoming
processes and ensuring these are integrated into Financial Years.
the operations of FASSET. • During the 2022/23 Financial Year, FASSET
participated in Socio-Economic and Supplier
Highlights Development initiatives to improve its score.
These include amongst others the following:
During the 2022/23 Financial Year, the Audit, Risk
and Compliance department successfully adhered to • Participated in Mandela Day to uplift the
the organisational operational themes set for the year disadvantaged communities in Gauteng and
and achieved the following to engage and improve the Limpopo provinces.
service delivery to its stakeholders: • Supported two suppliers currently in our

• Monitored and reported quarterly on the database, by purchasing equipment that will
implementation status of the agreed upon improve their efficiency in SMME’s business
management action plans. As a result, 13 out operations.
of 19 (68%) Audit findings were successfully • Prompt payment to suppliers. Payments were
closed. made within 15 days instead of the required 30
• Commenced the implementation of the approved days settlement.
Business Continuity Management (BCM) policies
and ensured the appointment of the respective The above accomplishments contributed significantly
committees. in bettering services whilst enhancing FASSET’s profile
among its internal as well as external stakeholders.
• All risk and compliance management policies
were reviewed and a compliance framework for The Year Ahead
FASSET was developed.

• Achieved 21 out of 22 planned risk FASSET is focussed to continue to work towards
management and compliance activities, a 95% efficient and integrated reporting to stakeholders.
achievement, for the Financial Year.
• Monitored and reported quarterly on the
implementation of risk action plans, 89% of the
strategic risk action plans were completed, with
11% still in progress.

Make the future count. | 47