NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) for the year ended 31 December 2022 • Assist with all systematic, documented and formal risk assessments; • Identify risk owners in the different areas of the business to integrate risk management into the day-to-day activities of the Group; • Develop systems for monitoring risk management including regular self-assessments of the risk management control function; • Drive risk management in the PPS Group by promoting awareness of risk management to both management and employees; • Provide a holistic view of all material risks facing the PPS Group including risk concentrations within individual entities, business lines or geographic location across the Group and intra-insurance Group transactions between the Group entities that could impact the overall soundness of the PPS Group. • Facilitating and administrating Control Self Assessments in line with the combined assurance framework. • Ensure effective risk management training programmes are established. Compliance • Monitors and reports on compliance with legislative and regulatory requirements; • Monitors that systems and controls are in place to ensure that the Group's exposure to legal and/or regulatory risk is minimised; • Employs a risk based compliance monitoring plan/risk matrix; • Keep a record of all monitoring and other activities conducted; • Manages the Group's relationship with its regulators; • Evaluates the impact of forthcoming legislative regulatory changes and provides advice on required processes and controls enhancements and the adequacy of the proposed controls; • Reports to Group Risk Committee and the Executive Committee on the status of compliance of the Group; • Track and report on compliance incidents; • Operates in accordance with an approved Compliance Plan; • Assists with implementing procedures for reporting compliance incidences; • Ensure effective compliance training programmes are established. • Facilitates the confidential reporting by employees and other stakeholders of concerns, shortcomings or potential violations in respect of PPS policies, regulatory obligations and ethical considerations. Internal audit • Provides independent and objective assurance on, and evaluation of, the overall effectiveness of the Group’s systems of internal financial control; • Develops a risk based annual audit plan based on a three-year testing rotation of the control environment for review at the Group Risk Committee and approval at the Group Audit Committee; • Provides an independent assessment of the effectiveness of management’s implementation of the PPS Group Enterprise Risk Management Framework to the Group Risk Committee; • Reports to the Audit Committee on the adequacy and effectiveness of the various departments processes for controlling its activities and managing its risks. 39.2 Insurance product risk management 39. Management of risks (continued) 39.1 General (continued) 170 Notes to the Consolidated Financial Statements
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