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The Board is ultimately accountable for the Group's risk management process and system of internal control. It has delegated responsibility to the Audit and Risk Committee for overseeing and reviewing the efficacy of the: (a) risk management processes and system of internal control; (b) Group’s internal auditors; and (c) the Group’s external auditor. The Board receives regular updates on the activities of the Audit and Risk Committee.
The Enterprise-Wide Risk Management ("ERM") Policy is reviewed annually and follows the international Committee of Sponsoring Organisations of the Treadway Commission framework. The policy defines the risk management objectives, methodology, risk appetite, risk identification, assessment and treatment processes, and the responsibilities of the various risk management role-players in the Group. Any policy amendments are subject to approval by the Audit and Risk Committee.
The objective of risk management in the Group is to establish an integrated and effective risk management framework wherein important and emerging risks are identified, quantified and managed. 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 these are identified.
Compliance with all relevant legislation, 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 legislation, 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.