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SHAREHOLDER INFORMATION
246
Tiger Brands Limited Integrated Annual Report
2014
Application of King III
continued
Principle
number
Description
Compliance
Chapter 4: The governance of risk
4.1
The board should be responsible for the
governance of risk.
The risk and sustainability committee is responsible
for overseeing the group’s risk management
programme and reporting thereon to the audit
committee and the board, which retains ultimate
responsibility for the control and mitigation of risk.
4.2
The board should determine the levels of risk
tolerance.
The risk and sustainability committee assesses the
levels of risk tolerance and limits of risk appetite for
the group.
4.3
The risk committee or audit committee should assist
the board in carrying out its risk responsibilities.
See 4.1
4.4
The board should delegate to management the
responsibility to design, implement and monitor the
risk management plan.
The board has delegated the day-to-day
responsibility for risk management to management.
4.5
The board should ensure that risk assessments are
performed on a continual basis.
The risk and sustainability committee actively
monitors the group’s key risks as part of its standard
agenda.
4.6
The board should ensure that the frameworks and
methodologies are implemented to increase the
probability of anticipating unpredictable risks.
All risks are identified and steps to mitigate these
are outlined, including reasonably unpredictable
risks.
4.7
The board should ensure that management
considers and implements appropriate risk
responses.
The risk and sustainability committee ensures that the
executive committee has in place appropriate
responses to perceived risks.
4.8
The board should ensure continual risk monitoring
by the management.
Responsibility for identified risks is assigned to an
appropriate member of the group’s senior
management team, who is required to report to the
executive committee on the steps being taken to
manage or mitigate such risks.
4.9
The board should receive assurance regarding the
effectiveness of the risk management process.
The risk and sustainability committee is provided with
the assurance of the effectiveness of the risk
management process from both the internal audit
service providers KPMG Services (Pty) Ltd, as well as
from Alexander Forbes.
4.10
The board should ensure that there are processes
in place enabling complete, timely, relevant,
accurate and accessible risk disclosure to
stakeholders.
The group’s Integrated Annual Report provides a
detailed outline of the risk management process to
its stakeholders.