Limpopo Gambling Board Annual Report

needed. This is preceded by a process of the Risk Management Officer performing risk assessments with the risk owners and all staff members during workshops by identifying new and emerging risks and further reassessing the previous year’s risk register. The profile is then consolidated and presented to the Risk and Fraud Management Committee for inputs and endorsement to the Audit and Risk Committee who in turn recommend it to the Board for approval. The risk profile is inclusive of mitigation measures that were compiled by Management and are monitored on an ongoing basis, with internal audit providing quality assurance in respect thereof. Provincial Treasury, through its Transversal Risk Management forum, supports Risk Management activities within Provincial Departments and Public Entities by rolling out programs that are geared towards addressing challenges and leveraging on opportunities to enhance the overall management of risks. An assessment is conducted on a quarterly basis, regarding the ERM performance outcome of the Entity with specific focus being guided by the results of the Key Performance Indicators, Risk Management Committee meetings and Evaluation of Implementation Plans. A report is then issued on a quarterly basis to communicate progress made in the implementation of Enterprise Risk Management. The aim of the report is to afford the relevant stakeholders the courtesy of being timeously informed of Risk Management performance and be afforded an opportunity to give guidance in order to enhance the effective functioning of ERM. The Risk and Fraud Management Committee has met five (5) times during the year - 4 ordinary quarterly meetings and 1 special meeting. The Committee submitted quarterly monitoring reports to the Chief Executive Officer who further recommended them for submission to the Audit and Risk Committee.

There were five (5) Audit and Risk Committee Meetings for the 2021/22 financial year, four (4) of which were ordinary quarterly meetings and one (1) was a special meeting.

Progress made in addressing Risks Identified

5.3

Five (5) of the eighteen (18) strategic risks were prioritised for the 2021/22 financial year. Of the five (5) that were prioritised, only one (1) risk has been mitigated to acceptable levels. Internal Audit continued to provide reasonable assurance that the control design is adequate and effective for the achievement of organisational objectives. The Entity will therefore ensure enhanced controls in 2022/23 that will assist in mitigating the remaining four (4) prioritised risks mitigation plans that are partially implemented.

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