72 C I M F I N A N C I A L S E R V I C E S L T D CORPORATE GOVERNANCE REPORT (continued) C O R P O R A T E G O V E R N A N C E The Risk Management Committee (‘RMC’) The RMC oversees the risk-related issues of the Group and helps maintain an effective internal control system. It is composed of two independent Directors, namely Mr. Denis Motet (Chairperson) and Mr. Fareed Jaunbocus, one executive Director, namely Mr. Mark van Beuningen and one non-executive Director, namely Mr. Colin Taylor. The Audit and Compliance Committee (‘ACC’) The ACC monitors the audit-related and compliance-related issues of the Group. With regard to auditrelated matters, the ACC monitors the implementation of the internal audit recommendations as well as the integrity of the Annual Report and financial statements. The ACC also makes recommendations to the Board with regard to the appointment or removal of the external auditor. Moreover, it reports to the Board on significant financial reporting issues and judgements relating to financial statements. The ACC also has oversight responsibilities in terms of the management of compliance risks, maintaining internal controls and complying with established policies, procedures and controls. Furthermore, the Committee makes recommendations to the Board concerning the implementation of internal controls and procedures to combat money laundering and the financing of terrorism. The ACC is composed of three independent Directors, namely Mr. Amédée Darga (Chairperson), Mr. Fareed Jaunbocus and Mr. Denis Motet and one non-executive Director, Mr. Matthew Taylor. All the members of the ACC are financially literate, with Mr. Fareed Jaunbocus being a Chartered Accountant. The RMC met four times during the financial year 2020/2021. As part of its mandate, the RMC discussed the risk appetite of the Group, the principal risks faced by the Group and the actions taken to mitigate such risks. During themeetings, significant emphasis was placed on assessing the Company’s response to the COVID-19 pandemic and on the review of its credit portfolio to ensure that any credit risk has been properly accounted for. The RMC also monitored the improvements made to the cybersecurity infrastructure of the Group and substantial progress has been made in this area, largely driven by the increased digitalisation of the operations and services of the Group. Various measures have also been implemented to enhance information security. – DenisMotet, Chairperson “ ”
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