Page 20 - SABN AR 2021

20
South African Bank Note Company (RF) Proprietary Limited
Combined assurance approach
The SARB Group’s combined assurance approach to risk management and control aims to integrate, coordinate and align its assurance processes and to optimise the level of risk, governance and control oversight. The activities are directed by the SARB Group Combined Assurance Forum.
First
level of assurance providers
Second level of assurance providers
Third
level of assurance providers
Departmental management
Integrated risk management
Internal audit
The managers of each department are primarily responsible for the ongoing identification, assessment and management of their department’s risks, including designing, implementing and maintaining an adequate
and effective system of control.
The RMCD performs a centralised and integrated risk management coordination function to ensure that risks are managed in a way that is consistent with internationally accepted standards and guidelines.
The IAD provides objective and independent assurance on the adequacy and effectiveness of the SARB Group’s governance, risk management and control processes.
Independent external assurance service providers
Independent external auditors audit the SARB Group’s annual financial statements. Where it is deemed necessary, other external assurance providers are used to obtain independent assurance on the adequacy and effectiveness of internal processes and practices, while also considering international best practice.
Annual Report 2021
Corporate governance statement