Compliance report
The Internal Risk and Compliance Committee function (IRCC) oversees the discharge of legal and regulatory responsibilities. The committee monitors, assesses, researches and reports on the regulatory environment in which the Group operates. The IRCC reports to the Audit, Risk and Compliance Committee.
The process of compliance reporting encompasses:
- identifying and prioritising all acts and regulations at a national level applicable to Blue Label;
- incorporating regulatory requirements into control measures such as standard operating procedures or processes, manuals or policies;
- recommending corrective measures or steps to ensure compliance; and
- monitoring compliance through the adequacy and effectiveness of control measures, which includes the use of best industry practice compliance tools.
There have been no material instances of non-compliance by the Group or its Directors during the past financial year.
Future focus areas include:
- Blue Label is in the process of appointing a dedicated Compliance Officer who will be tasked to oversee the compliance function within the Group; and
- develop compliance risk management plans in respect of priority legislation, including monitoring thereon.