Risk description Risk description Key controls and risk mitigation Key controls and risk mitigation People risk refers to the risk that the Group may not be able to attract and retain qualified staff necessary to accomplish its goals while complying with relevant regulations. Like many employers in Mauritius, CFSL experienced an increase in people risk. This was due largely to heightened competition for some of the specialised skills the Group requires, coupled with a generalised brain drain issue which the country is currently facing. CFSL took steps to address these pressures. Risk description Compliance risk is the risk of sanctions and financial loss CFSL may suffer from failure to act in accordance with their laws and regulations, internal policies or best practices. CFSL is exposed to compliance risk primarily through: • Laws and regulatory requirements • Confidentiality and Data protection responsibilities • Regulatory and statutory reporting obligations • Continued focus on the Group’s culture by developing and delivering initiatives that reinforce appropriate behaviours. • Strategies to attract, retain and develop high calibre people together with management of rigorous succession planning. • Launching of the ACE Cim Graduate Programme – a tailor-made programme designed for young graduates, introducing them to vast opportunities within the Group, but also providing valuable experience as they chart their career courses. • Process re-engineering and automation of processes. • Prevention and promotion of health and well-being, including prevention awareness sessions, free medical check-ups and yoga classes, among others. • Performance management process has been revamped and an employee engagement survey is performed once yearly from which concrete actions are derived to improve employee experience with CFSL. • Attraction and retention trends and other HR-related key risk indicators are monitored closely to form focused responses when necessary. • Independent compliance function which forms part of the second line of defence. • Mandatory training for all employees. • Periodic review of policies and procedures is conducted to ensure that regulatory requirements and existing/potential risks are taken into account and covered accordingly in the said documents. • Effective customer onboarding processes in place, with enhanced customer due diligence for high-risk customers. • Pre-employment due diligence carried out. • Risk assessments of processes, products, clients and channels to ensure CFSL understands money laundering and terrorist financing risks. • Thorough monitoring of customer transactions. • Enhancement to the existing customer screening capabilities. • Adherence to statutory reporting requirements. People risk Compliance risk Risk Management Report Continued 68 CIM FINANCE ANNUAL REPORT
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