Risk management and corporate governance
The RBCT Board of Directors subscribes to the King Code of Corporate Governance (King 2 & 3). To further their commitment to the code, the Board established an Audit Committee in 2001. A reconstituted Finance Committee (Finco) superseded this committee on 20 June 2003. RBCT expects all employees to share its commitment to high moral, ethical and legal standards.
The responsibilities and authorities are extensive, but are basically divided into three main areas: Internal Audit, Risk Management and Corporate Governance.
The directors recognise their responsibility for internal, financial and operating controls and the monitoring of their effectiveness. RBCT has a co-sourced internal audit function together with PriceWaterhouseCoopers (PWC). This function reports on a quarterly basis to the Finance Committee, which is a subcommittee of the Board of Directors and also carries out the duties of the Audit Committee.
In support of the Audit/Finance Committee requirements, the RBCT Risk Management objective is to protect the organisation, its people, assets and resources, against the physical and adverse financial consequences of event risk. It involves planning, coordinating and directing the risk-control and risk-financing activities of the organisation.
The RBCT Board of Directors and Finco require that RBCT complies with the provisions of the King Code of Corporate Governance (King 2) “in all material respects”.