Page 214 - SAMRC Annual Report 2024-2025

ENTERPRISE RISK MANAGEMENT

The SAMRC’s Enterprise Risk Management (ERM) The Board maintains a strong and regular oversight
Framework provides an integrated, structured and of the various committees’ work and receives
consistent approach to risk management. The regular updates on the activities of the ARIC on
framework draws on internationally accepted best the organisation’s system of risk management and
practice and aligns with relevant standards, i.e. it strategic risk mitigation measures, and reports on its
considers the ERM principals articulated in the COSO review in the SAMRC’s Annual Report.
framework, ISO 31000 and King IV.
Risks are reviewed throughout the year, and this
While the Board is ultimately responsible for the continuous process informs any updates to the
maintenance of an effective risk management process, SAMRC’s risk registers, at both strategic and
the Audit & Risk and IT Committee (ARIC) while operation level. An ongoing review of the ERM and
overseeing the efficacy of this process and monitoring risk management process ensures that best practice
the effectiveness of the system of risk management, is considered while maintaining a practical and
assists the board in assessing and forming a conclusion business-minded approach.
on the adequacy of the risk management process. The
ARIC’s delegated responsibility further extends over The SAMRC’s comprehensive risk management
that of the SAMRC’s internal auditors and external system is designed to identify and assess important
auditors. The strategies adopted by the ARIC allows emerging and significant risks faced by the
for the timely review of any internal control weakness organisation. The ERM Unit at SAMRC is a dedicated
identified by these assurance providers. In addition, department that reports directly to the ARIC and has
continual improvements in the development of ERM primary responsibility for the design, implementation
methodology further enhances the SAMRC’s overall and monitoring of corporate enterprise-wide risk
risk management coverage and focus. management across the SAMRC

Our risk management process, while iterative, starts with risk identification.

Reporting review Risk identification
Monitoring and Review
effective assessment for by ARIC effective input from management,
assessment and changes stakeholders, assurance
significant risks
to risk rating review

Assurance review
Inherent risk assessment
adequacy and
effectiveness of controls ERM Process based on likelihood and
impact for the SAMRC
over significant risks

Risk mitigation Residual risk assessment
identified, discussed and after assessing adequacy
responsibilities assigned of current mitigations

212 SAMRC ANNUAL REPOR T 2024-25