Limpopo Gambling Board Final

identifying new and emerging risks and further reassessing the previous year’s risk register. The profile was then consolidated and presented to the Risk and Fraud Management Committee for inputs and endorsement to the Audit and Risk Committee which in turn recommended it to the Board for approval. The risk profile was inclusive of mitigation measures that were compiled by Management and were monitored on an ongoing basis, with internal audit who provided quality assurance in respect thereof. Provincial Treasury, through its Transversal Risk Management forum, supported Risk Management activities within Provincial Departments and Public Entities by rolling out programs that were geared towards addressing challenges and leveraging opportunities to enhance the overall management of risks. An assessment was conducted on a quarterly basis, regarding the ERM performance outcome of the Entity with specific focus on the results of the Key Performance Indicators, Risk Management Committee meetings and Evaluation of Implementation Plans. A report was issued on a quarterly basis to communicate progress made in the implementation of Enterprise Risk Management. The aim of the report was 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 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. Four (4) of the fifteen (15) strategic risks were prioritised for the 2022/23 Financial Year. All four (4) prioritised risks could not be fully mitigated to acceptable levels during the 2022/23 Financial Year, and therefore the Entity will continue to ensure enhanced controls in the 2023/24 FY that would assist in mitigating the risks. Internal Audit provided reasonable assurance that the control design was adequate and effective for the achievement of organisational objectives up to the end of the 3rd quarter of the 2022/23 FY. 6. Internal Control Unit LGB has an Internal Control Unit in place reporting to the Chief Financial Officer. The Internal Control Unit coordinated assurance and governance activities which assisted the Entity to maintain a system of internal controls that were effective and efficient. The Entity developed a procedure manual, reviewed annually or as and when necessary, ensuring there were adequate processes in place. These procedures were designed to prevent unwanted, irregular, fruitless and wasteful expenditures and to ensure there were no deficiencies in internal controls. The focus of the Unit was to ensure that the Entity improved the audit opinion and complied with the relevant laws and Regulations, such as the Limpopo Gambling Act No. 3 of 2013, Public Finance Management Act No. 1 of 1999 and the Treasury Regulations. There were eleven (11) Audit and Risk Committee Meetings for the 2022/23 Financial Year, four (4) of which were ordinary quarterly meetings and seven (7) were special meetings. 5.3 Progress made in addressing Risks Identified

LIMPOPO GAMBLING BOARD 2022/23

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