45 / 170
4. Risk management
The board has delegated the responsibility for risk management to
the audit and risk committee. This strengthens the board’s ability
to recognise all material risks to which the group is exposed while
ensuring the requisite risk management culture, policies and systems
are progressively implemented and function effectively. Management
is accountable to the board for implementing and monitoring the
processes of risk management while integrating them into day-to-day
activities. Divisionally, risk processes and risk registers actively focus
management on critical issues faced at a business and industry level.
These issues are reported to the group audit and risk committee for
consideration at board level.
We have integrated the applicable King III recommendations into
our risk management function. These recommendations, along with
identified group requirements, form part of an ongoing enterprise-wide
risk assessment process in support of the group’s philosophy. This
ensures risks and opportunities are adequately identified, evaluated
and managed at the appropriate level in each business, and that their
individual and joint impact on the group is considered.
Our commitment to building and sustaining an ethical organisational
culture is entrenched in our vision, mission, strategies and
operations. The board has ultimate responsibility for the company’s
ethical performance, while executive management is responsible
for establishing a well-designed and properly implemented ethics
management process.
Ensuring an ethical environment
A prime duty of the board (its committees, directors and officers) and
group management is to ensure our Code of Ethics is honoured.
The board reviews the code of ethics annually and ensures its
continued alignment with Bidcorp values. The code requires the
highest standards of integrity, ethics and behaviour, non-discriminatory
employment and promotion practices, support for employees through
training and development, enabling them to reach their full potential,
and proactive engagement on environmental, social and sustainability
matters.
As an outward measure of support for and protection of this code and
Bidcorp values, the board supports a confidential reporting (whistle-
blowing) of fraud, theft, breach of ethics and other improper behaviour.
This outsourced, independent and confidential tip-offs system enables
stakeholders to report unethical, dishonest or improper behaviour,
including non-compliance with company policies, as well as corruption
and fraud. All reported incidents are investigated by management
and, where appropriate, action is taken. In line with legislation, our
commitment not to victimise whistle-blowers ensures transparency and
promotes ethical conduct. The identity of whistle-blowers is protected
by the service provider.
P
00
www.
F
Code of ethics can be found in the online report.
Bidcorp value system:
A need for honesty and
transparency across all that
we do. We demand the highest
level of personal integrity.
Values
Share
Dare
are
Take
pride in
what you
do, no matter
what you do
Take
brave
steps to
deliver
extraordinary
results
things happen
VALUES
Take
pride in
what you
do, no matter
what you do
Take
brave
steps to
deliver
extraordinary
results
Work
together to
make great
things happen
S
H
A
R
E
C
A
R
E
D
A
R
E
Governance review
Bidcorp Limited Annual integrated report 2016 |
Page 41