Purpose:

• Formulate the risk profile and risk appetite across the Group, for approval by the Board
• Establish a risk management framework and review the process developed by management to identify principal risks, evaluate their potential impact, and implement appropriate systems
• Monitor different risks against an agreed risk appetite statement, including operational risks, strategic risks, compliance risks and financial risks
• Approve principles, policies, strategies and processes for the management of risk, including the establishment of other risk committees and the delegation of matters to those committees
• Approve the nature, role, responsibility and authority of the risk management function within the company, and outline the scope of risk management work
• Review and assess the integrity of the risk control systems and ensure that the risk policies and strategies are effectively managed
• Monitor and review external developments relating to the practice of corporate accountability and the reporting of specifically associated risks, including emerging and prospective impacts
• Oversight of and reporting on organizational ethics, responsible corporate citizenship, sustainable development and stakeholder relationships
• Responsible for the review of frameworks, policies and guidelines for safety, health, social investment, community development, environmental management and climate change
• Monitors activities with regards to customer relationships, including advertising, public relations, and compliance with consumer protection laws
• Assists the Board in building and sustaining an ethical corporate culture in the Group and that the Group’s ethical standards are clearly articulated and integrated into the Group’s strategies and operations

Quorum:

Minimum of three members and majority required for a quorum.

Frequency of meeting:

Meets at least four times a year.