Shaped By High Standards Of Governance ANNUAL INTEGRATED REPORT 2022 163 EXTERNAL ASSURANCE BOARD AND BOARD COMMITTEES Fourth line of defence - Setting requirements and/ or performing independent assurance External Auditors Regulators Other External Bodies GROUP MANAGEMENT COMMITTEE, RISK MANAGEMENT COMMITTEE AND SENIOR MANAGEMENT MANAGE First line of defence – Owns and manages risks Business Units Policies and Standard Operating Procedures Group Governance & Risk Management Division Other Corporate Centres Group Internal Audit OVERSEE ASSURANCE Second line of defence – Oversees risks, control and compliance Third line of defence – Provides independent assurance The diagram below shows FGV’s risk management oversight matrix. Statement on Risk Management and Internal Control The Group’s risk monitoring processes continue to effectively evolve in the face of new challenges. Risk Management Committee Before the inception of the RMC, the Group Management Committee (GMC) served as the platform for Top Management to identify, analyse and deliberate on FGV’s key business risks and mitigating measures across the Group which enabled the GMC to focus more on business undertakings and performance. The RMC provides a platform for Senior Management to identify, review, assess and deliberate on the Group’s risk processes, which include risk reports and crisis management programmes. The RMC convened its first quarterly meeting in August 2022. Outcome: All guidelines, recommendations and decisions made during RMC meetings were implemented accordingly by the respective committee members to ensure adequate controls are in place while maintaining a robust risk culture and a balanced risk management approach. KEY INITIATIVES 2022
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