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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:
f
identifying and prioritising all acts
and regulations at a national level
applicable to Blue Label;
f
incorporating regulatory
requirements into control measures
such as standard operating
procedures or processes, manuals
or policies;
f
recommending corrective measures
or steps to ensure compliance; and
f
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:
f
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
f
develop compliance risk
management plans in respect of
priority legislation, including
monitoring thereon.
BLUE LABEL
INTEGRATED ANNUAL REPORT 2017
49
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