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Tiger Brands Limited Integrated Annual Report
2014
Governance and risk
The risk and sustainability committee
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Actively monitors the group’s key risks
as part of its standard agenda
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Oversees the group’s risk management
programme
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Reports to the audit committee and the
board
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Regularly focuses on the process of
determining the group’s lost-time injury
frequency rate (LTIFR) occurrences and
the degree of seriousness of such
injuries, in addition to reviewing on an
annual basis the setting of LTIFR targets
across the group
Group executives and operational
management
Ϣ
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Are responsible for day-to-day risk
management
Ϣ
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Regularly review the strategic and
operational risks at a divisional level,
prioritising high-risk areas. Responsibility
for each of the identified risks is
assigned to an appropriate member
of the senior management team, who
is required to report to the executive
committee on the steps taken to manage
or mitigate the risks in question
Ϣ
Ϣ
Drive specific risk control initiatives,
addressing health and safety
management, security, fire defence, food
safety, environmental management and
quality management
2. Commercial Audit Unit, internal auditors
KPMG and other assurance providers
Ϣ
Ϣ
Conduct compliance and risk-based
audits focused on the control
environment, as well as key risks
identified through the company’s
risk management process
Ϣ
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Address potential fraud or criminal
activity and respond to issues arising
from the confidential ethics hotline
Ϣ
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Follow-up work in respect of incidents
of defalcation or other issues requiring
investigation
The company has a zero-tolerance
approach to non-compliance with legislation
in all jurisdictions in which it operates.
3. External auditors, external assurance
providers, other professional service providers
and regulatory/legislative audits
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The preparation of the annual financial
statements remains the responsibility of
the directors. The audit committee, on
behalf of the board, regularly meets with
the external auditors and formally
evaluates their independence on an
annual basis
Ϣ
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The independent external auditors, Ernst
& Young Inc., report on whether the
annual financial statements fairly present
the state of affairs of the company and
the group, in compliance with IFRS and
the Companies Act