Page 68 - RFHL ANNUAL REPORT 2024_ONLINE

66 Corporate Governance Practices continued

The Board recommends that all the nominees be re-elected. end, Republic Financial Holdings Limited has defined its risk
management goals and objectives and supporting principles
to effectively embed risk management throughout the Group
Director training and evaluation into its strategic decisions and day-to-day business activities.
The international environment and legislative and regulatory
demands remain increasingly complex and challenging The Board has overall accountability for the Group’s enterprise
causing us to constantly review our systems and make use of risk profile. They approve and enforce the risk management
technology to ensure that compliance is robust with minimal framework, inclusive of the overall risk appetite and the
negative impact on our legitimate customers. In this context, Group’s philosophy on risk-taking.
the Group recognises its responsibility to continue to source
training programmes for Directors that will enhance Directors’ The Group Chief Risk Officer (CRO) has been appointed with
knowledge and improve effectiveness. responsibility for ensuring consistent application of the risk
management framework across the Group and monitoring
In light of this, the focus of Board training continues to be how effectively risk is being managed. The CRO reports to the
on Cyber Security strategy and implementation. In addition Enterprise Risk Committee of the Board.
and as customary, the Directors participated in the Anti-
Money Laundering (AML) training. For this fiscal, the focus
was on artificial intelligence for finance and banking and Internal audit
AML presented by the Financial and International Business The Chief Internal Auditor provides an independent review of
Association. The annual Health and Safety training was the Group’s operations and validates that controls are working
conducted in-house. effectively. Under the leadership of the Chief Internal Auditor
a professional cadre of internal auditors conducts periodic
Ongoing Talent Succession training continued during the audits of all aspects of the Group’s operations. External
fiscal which was conducted by external consultants. The Board Auditors have full and free access to the Chairman of the Audit
also benefitted from a presentation by two of the country’s Committee, and meet periodically with the Audit Committee
senior economists on the state of the economy of Trinidad and to discuss the audit and findings as to the integrity of the
Tobago. Group’s accounting and financial reporting. Internal Audit
provides the Board and Audit Committee with independent
Individual Director evaluation and Board self-assessments assurance on the adequacy of the system of internal controls
were conducted by Morrow Sodali, in alignment with our within the Group.
good Corporate Governance practices.

Financial reporting requirements
The Group’s Governance The Board of Directors of Republic Financial Holdings Limited
We continued with the Group’s expansion over the years, with is responsible for the preparation and fair presentation of the
efforts to ensure that governance standards and controls are financial statements and other financial information contained
being uniformly applied and strengthened as needed. Key in this Annual Report. The accompanying financial statements
areas of governance which have been augmented include have been prepared in conformity with International Financial
Parent-subsidiary relations and engagement, strengthening Reporting Standards and present a true and fair view of the
the Board’s focus on the Group’s strategic vision and ensuring financial affairs of Republic Financial Holdings Limited and
adherence of the Group’s culture throughout its geographic the subsidiaries within the Group on a consolidated and
footprint. individual basis. Where amounts are based on estimates and
judgments, these represent the best estimate and judgment
of the Directors.
Enterprise risk management
Republic Financial Holdings Limited is committed Responsibilities include:-
to maintaining a robust enterprise risk management • establishing and maintaining effective internal controls
framework to ensure that it understands and monitors its risk and procedures for financial reporting;
environment and takes proactive measures to manage risk • safeguarding of assets; and
within acceptable levels consistent with its risk appetite. To this • prevention and detection of fraud and other irregularities.