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FASSET | Annual Integrated Report 2022/23

7. RISK MANAGEMENT COMMITTEE

The RMC assists the Board in fulfilling its risk management and control responsibilities in accordance with
prescribed legislation and corporate governance principles.

The RMC is chaired by an independent and non-executive member of ARC, Mr Vernon Makaleni. The
chairperson is remunerated in terms of the National Treasury Board remuneration guidelines. RMC meetings
were held quarterly during the reporting period.

The committee is composed of the following members:

• Independent Chairperson;
• Chief Executive Officer;
• Chief Operations Officer;
• Chief Financial Officer;
• Chief Information Officer;
• Director: Research;
• Director: Corporate Services;
• Company Secretary;
• Executive Manager (CEO’s office)
• Legal Manager; and
• Audit, Risk and Compliance Manager.

Any other person who may be co-opted to provide specialist skills and advice is invited.

During the period under review, the following activities were undertaken and demonstrated the commitment of
the RMC to achieving its mandate:

• Reviewed the RMC Charter and recommended to ARC for consideration and approval;
• Developed and implemented RMC work plan;
• Evaluated the effectiveness of the RMC and developed an action plan to address identified gaps;
• Reviewed the Risk Management (including BCM) and compliance policies and plans and submitted to
ARC for review and recommendation to Board for approval;
• Reviewed FASSET’s risk identification and assessment methodologies and obtained reasonable assurance
of the completeness and accuracy of the risk registers;
• Received and considered regular reports in relation to risk-management and compliance-related activities
from the Audit, Risk and Compliance department. These reports reflected on strategic, operational, and
fraud-related risks;
• Reviewed the strategic, operational and fraud risk registers and submitted to ARC for review and
recommendation to Board for approval; and
• Reviewed Compliance Regulatory Universe, CRMPs, Policy Universe Register, Compliance Monitoring
reports, checklists and recommended to ARC for approval.

Make the future count. | 83