A robust and effective risk management system is crucial for the assessment, monitoring and mitigation of risk identified within the group. Ethical leadership and human capital are the cornerstone of Trustco’s risk management as these ensure entrepreneurial flair, corporate reputation and effective governance. As an investment holding company, the risk management process takes cognizance of risks and opportunities within the group as well as the risks and opportunities inherent in its investment portfolio.
Some subsidiaries in the group for example have their specific risk policies, whilst others are covered by the group risk framework. The board evaluates the risk profile and appetite of the group for each material transaction prior to entering into it.
INTERNAL CONTROL SYSTEMS
The adherence to internal controls is governed by approved policies and procedures. These are reviewed on a regular basis by management, internal and external audit as well as management committees. Additional audit and risk committees operate throughout the group in the subsidiaries to ensure overall oversight of all risks before being escalated to the applicable boards.