About Implats

Corporate governance

Internal control

Implats’ internal controls are designed to mitigate risks that we may face at the strategic, operational and process levels so as to ensure that objectives are met in an economical manner.

Overall responsibility for the framework of internal control rests with the board. Implats management is responsible for the establishment, implementation and maintenance of internal control frameworks which consist of controls that should be both adequate in design and effective in implementation.

We place great reliance on the three lines of defence as described in King III – which are well entrenched within our organisation. The effectiveness of Implats’ internal control has been enhanced through the combined assurance forum, membership of which comprises representatives of the risk management, compliance, legal, company secretary, external and internal audit functions, and is jointly chaired by internal audit and external audit. Management has input at forum meetings through their control self-assessments, a process that is facilitated by internal audit. (Control self-assessments are based on the input that management provides on their areas of responsibility through risk assessments. These assessments continue to enhance management’s appreciation of risks and controls, thereby continuously improving the adequacy and effectiveness of controls.)

 

Where we operate