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The Board is ultimately accountable for the Group's risk management process and system of internal control. The Audit and Risk Committee monitors the risk management process and systems of internal control of the Group. The Board oversees the activities of the Group's external auditors and the Group's risk management function as delegated to the Audit and Risk Committee.
The Enterprise-Wide Risk Management ("ERM") policy is benchmarked against the international COSO (Committee of Sponsoring Organisations of the Treadway Commission) framework, defines the risk management objectives, methodology, process and the responsibilities of the various risk management role-players in the Group. The objective of risk management in the Group is to establish an integrated and effective risk management framework where important risks are identified, quantified and managed in order to achieve an optimal risk/reward profile. An integrated approach ensures that risk management is incorporated into the day-to-day operational management processes and therefore allows management to focus on core activities.
The Group has in place a comprehensive system of internal controls which is designed to ensure that risks are mitigated and that the Group's objectives are attained. The system includes monitoring mechanisms and ensures that appropriate actions are taken to correct deficiencies when they are identified.
Compliance with all relevant laws, regulations, accepted standards or codes is integral to the Group's risk management process and is monitored.
A report on key risks and measures taken to mitigate such risks is included in the annual report. Please visit the Investor Relations section for the latest and previous annual reports.
Mediclinic’s Tax Strategy sets out the Group’s commitment to conduct its tax affairs consistent with the objectives of complying with all relevant laws, rules, regulations and reporting and disclosure requirements in the jurisdictions within which it operates; and maintaining mutual trust and respect in dealings with all tax authorities in the jurisdictions which the Group does business.