Effective risk management is fundamental to the activities of the organisation. The significant challenges and financial deterioration that the organisation experienced during the past financial years has highlighted historical shortcomings in the application of the organisation’s risk management process and methodologies. This prompted a review of all risk management processes and methodologies, increased board oversight and the strengthening of the organisation risk committee during the year.
Approach: The organisation's approach to risk management is based on established governance processes and relies on both individual responsibility and collective oversight, supported by comprehensive reporting.
Governance Structures:Organisation board of directors. The board of directors is ultimately responsible for appropriate risk management and internal control mechanisms. The board monitors the implementation of their strategies and objectives through various board and executive committees. The board delegates oversight responsibility to their risk committee to deal with the various risk portfolios, set risk tolerance and monitor the entire risk management process.
Sub-Committee oversight: The board in discharging its risk management responsibilities is supported by the audit, Risk and Finance Committee.
Management: Management is responsible for the day to day implementation of adequate and effective internal control mechanisms. It is responsible for overseeing the development and maintenance of a methodology to effective manage risk in the organisation and drive a risk management culture throughout the organisation.
Organisation Risk Management: The organisation risk management department is responsible for ensuring the application of an effective risk management framework throughout the organisation. The department is independent and segregated from the underlying business units and is responsible for providing guidance, co-ordination and assurance regarding the implementation on the organisation risk management methodology.
Risk Governance standards, policies and procedures: The organisation has developed a set of risk governance standards for each major risk type to which it is exposed. The standards establish and drive the alignment, consistency, identification and reporting of risk.
Chairperson: Solly Mboweni
Other members are :
- Saul Gumede
- Tshepo Matlala
- Hatla Ntene
Committee Contact Details
Telephone: 011 838 6700
Fax: 011 838 6721
Annual General Meeting
Date: 29 November 2012
Guest speakers included : Mr Xolani Qubeka (CEO, Black Business Council)
Launch of our First Issue
It is with great pride that we launch our first issue of a regular magazine for the South African Institute of Black Property Practitioners (SAIBPP). Black practitioners in the property industry face many challenges including recognition and access to their skill and potential, access to finance for their service provision businesses and investments, opportunities and business relationships.