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Integrated Report 2024

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The Committee provides oversight over the effectiveness and function of the: i. Risk management function, processes and systems; ii. Compliance management function; iii. Information and communication technology (ICT) function; and iv. Capital management activities. The Committee assists the Board by ensuring that risk management processes and controls effectively identify, assess, monitor and report on key risks in an integrated and timely manner. Mitigation measures against identified risks are to be implemented appropriately. The Committee is delegated by the Board to oversee the implementation of applicable regulatory developments, such as the Own Risk Self Assessment (ORSA), risk appetite and combined assurance. Committee members serve on the Audit Committee; Finance, Investment, and Insurance Committee; Human Resources and Remuneration Committee; and Social and Ethics Committee for ease of collaboration on risk issues. The committee met five (5) times during the 2023/24 financial year, with one special meeting held to consider the ORSA. Activities in 2023/24 The Committee undertook, among others, the following activities: • Advised the Board on the overall risk appetite, tolerance, and strategy within its existing and future macroeconomic and financial environments; • Advised the Board, prior to decision-making, on the risks and implications of proposed strategic transactions on the Corporation’s risk appetite and tolerance levels, which included the sourcing of independent external advice, where appropriate; • Regularly reviewed and approved Risk Register measures and methodologies; • Set the Risk Dashboard to monitor critical risks accurately and timeously; • Advised the Board on existing risk exposures (Portfolio Report) and future risk strategy; • Received and considered all risk matters reported by the Board and/or committees; • Reviewed reports of material breaches of risk limits and the adequacy of proposed actions;

• Ensured that appropriate resources were available to manage risk, and that those responsible had access to the necessary information to perform their function effectively; • Had oversight responsibility for the Business Continuity and Disaster Recovery Plan; • Evaluated the adequacy and effectiveness of the enterprise risk management system; • Reviewed risk policies, including the Underwriting Risk Policy and Operational Risk Policy; • Monitored the Corporation’s ICT framework and strategy; • Reviewed annual regulatory returns submitted to The committee believes that it discharged its obligations adequately during the year in respect to risk management, compliance, ICT governance, capital management and solvency activities and re-insurance activities. Plans for 2024/25 The Committee’s plans for 2024/25 include, among others, the following: • Consider the Corporation’s holistic risks; project risk assessments and exposure and advise the Board on the appropriate risk appetite that should be accepted; • Consider material risks for approved projects raised by Finance, Investment and Insurance Committee and/or the Risk Function; • Consider the succession planning of all Committees and the Board, from a risk perspective; • Continue to monitor and ensure that the ORSA is fully embedded within the Corporation; • Ensure that there is regular and vigorous review of the Corporation’s Risk Strategy, to ensure that it remains appropriate to mitigate the relevant risks, given the current fiscal challenges on the African continent; and • Ensure that critical emerging risks within the Corporation are brought to the Committee’s attention and monitored closely, given the potential impact on the Corporation’s stakeholders, control functions and overall Corporate Strategy. the Prudential Authority; and • Reviewed the ORSA Report.

YOUR EXPORT RISK PARTNER

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