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Our approach to risk
The MTN board understands and takes
accountability for all risks and delegates
responsibility for overseeing the effectiveness of
risk management to the audit committee, the risk
management,
compliance
and
corporate
governance committee, the remuneration and
human resources committee and the social and
ethics committee.
Aligning risk management and
corporate governance
MTN’s risk management frameworks guide the
operation of our business units, with whom primary
responsibility for risk management resides. During
the year, we undertook training and awareness
interventions to improve the consistent application
of various risk frameworks across the organisation.
Our approach to risk management is reviewed and
amended where necessary to meet a rapidly
changing environment.
During the year our business risk management
(BRM) function commenced on its three-year
transformation journey to create a world-class
function that caters for MTN’s current and future
business needs in an effective and efficient manner.
We are focusing on three pillars to achieve our
desired level of maturity. They are as follows:
Governance
– We enhanced governance through
the creation of new committees and new
organisational structures and the revision of
delegations and mandates.
The effective management of risk is essential in our work to deliver on our strategy that
is driven through a number of board-approved strategic objectives, which are constantly
monitored to ensure that they are met.
Our risk management process
Risk
management
F
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•
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Monitoring and review
Regular monitoring to ensure
effective implementation of
agreed mitigation actions.
Risk
identification
and assessment
Determining what
could go wrong (risk),
why (cause) and
the consequence
(effect)of the event
should it arise,
and assessing the
associated
inherent and
residual risk.
Recording
and reporting
Recording the risk
register into the MTN
management tool and
reporting to the
appropriate level
in line with the risk
management
delegation of
authority.
Risk
manag ent
A
s
s
u
r
a
n
c
e
r
e
p
o
r
t
i
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g
A
s
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p
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n
MTN Group Limited
Integrated Report 2016
32