Assurance

Our combined assurance approach

The governing body should ensure that assurance services and functions enable an effective control environment and that these support the integrity of information for internal decision-making and for the organisation’s external reports.

To achieve this, RBPlat has adopted a risk-based combined assurance model that:

  • improves decision-making and the prioritisation of the required remedial action
  • improves reporting and increases transparency with respect to information sharing
  • reduces assurance costs by eliminating the duplication of effort and of silos

The three lines of defence model is integrated into our combined assurance model, which provides the Board and its subcommittees with oversight of the Group’s assurance activities. Combined assurance gives an indication of the overall control environment in place for our top risks. Our integrated risk-based approach also ensures that organisational resources are deployed effectively, to derive maximum benefit for the organisation.

Risk and opportunity management oversight provided by the three lines of defence

Compliance Management

RBPlat upholds an ethical, legitimate and transparent operating environment and has zero tolerance for deviations from this construct. We are committed to adhering to all relevant and applicable legal and regulatory requirements in the course of conducting business and have adopted a regulatory framework geared towards ensuring the organisation is not in breach of any of its business and social contracts. Responsibility for maintaining a positive compliance environment cuts across the safety and health, finance, environmental, legal, human resources, mineral rights, land ownership and engineering functions. Key role players in the various business functions are responsible for organisation and establishing controls aligned with compliance requirements. RBPlat has also established a compliance management function responsible for developing, implementing and maintaining a regulatory compliance framework that governs all compliance-related activities.

RBPlat’s compliance environment is underpinned by comprehensive mapping of the compliance universe, establishment of systems and processes, dedicated resources, including subject matter experts and independent oversight and guidance provided by the Compliance Department. Various audits conducted by external parties such as auditors, specialists and regulatory bodies also enable the organisation to ascertain the efficacy of its processes. This has resulted in no significant findings against RBPlat related to noncompliant practices. RBPlat strives to embed a culture of going beyond compliance towards alignment with industry best practice. The Audit and Risk Committee, together with the Social and Ethics Committee, receive quarterly reports on the organisation’s performance and satisfy themselves on the existence of an effective control environment.