1. Note Financial assets and liabilities classified as fair value through profit or loss on initial recognition Financial assets and liabilities at amortised cost PPS ProfitShare accounts and reinsurance contracts Total carrying amount Fair value 7 15 691 – – 15 691 15 691 7 6 607 – – 6 607 6 607 7 20 042 – – 20 042 20 042 7 57 – – 57 57 7 11 500 – – 11 500 11 500 9 – – 1 382 1 382 1 382 13 – 1 069 – 1 069 1 069 14 – 2 915 – 2 915 2 915 10 – – (32 293) (32 293) (32 293) – – (7 290) (7 290) (7 290) – – (240) (240) (240) 9 – – (118) (118) (118) 15 (4 495) – – (4 495) (4 495) 16 (15 086) – – (15 086) (15 086) 9 – – (13) (13) (13) 20 – (221) – (221) (221) (a) * Fair value analysis of financial statement line items with a fair value (continued) The note has been restated to align with IFRS 17 disclosures and to remove prepayments from the table Qualifying policyholders’ residual interest in the net assets of the PPS Group Group R’m 2022 Restated* Equity securities(a) Local listed International listed Debt securities(a) Government and local bonds International listed Unit trusts and pooled funds(a) Reinsurance contract assets Receivables Cash and cash equivalents PPS Profit-Share accounts Liability for remaining coverage and incurred claims Short-term insurance policy liabilities Investment contract liabilities Debt securities are designated at fair value through profit and loss and Equity securities and Unit trusts and pooled funds are mandatorily held at fair value through profit and loss. Payables Liabilities to unit trust holders Reinsurance contract liabilities NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023 33 37. 37.1 • Reviewing the risk reports and adequate disclosure of the Group’s risks and opportunities; • Considering, in particular, the management of Information Technology risks; • Providing feedback to PPS Group Boards and their committees on identified risks that may be relevant for those particular Boards and their committees; • Providing assistance to the Board in discharging its responsibilities for disclosure in relation to risk management in the integrated report; • Assisting the Board in developing its risk management strategy; • Assisting the Board in evaluating the adequacy and effectiveness of the risk management system; • Assisting the Board in identifying and monitoring all material risks to ensure that its decision-making capability and accuracy of its reporting is adequately maintained; • Introducing measures to enhance the adequacy and effectiveness of the risk management system. • Assessing the appropriateness of the Group’s policies, processes, and controls in respect of risk management and the effective monitoring thereof by the Group; • Directing and assisting in the co-ordination and monitoring of risk management activities within the Group; • Ensuring adherence to the Risk Management Plan; • Maintaining the Enterprise Risk Management Framework and Plan for approval by the Board in terms of the appropriate international standards (ISO 31000) and King IV of Governance Principles; • Update the PPS Group Enterprise Risk Management Framework; • Attend to recommendations from the Board, Risk Committee, Management and applicable regulators; • Providing technical guidance to management in executing their risk management duties; • Maintain and update the risk matrix for the Group. This includes the identification, assessment, monitoring, mitigation and reporting around the current and emerging risks emanating from regulated and non-regulated entities within the Group on an individual and aggregated level; • Report on the Group’s risk profile, material changes to the risk profile and details on the risk exposure and mitigating actions; • Report to the Audit Committee and Risk Committee on the implementation of the combined assurance framework; Management of risks (continued) General (continued) Risk management The PPS Boards have delegated to the PPS Group Audit Committee an oversight role of financial reporting, accounting, the external auditor, appropriate internal controls and the internal auditors, and regulatory compliance, inter alia to ensure the integrity of reporting and financial controls. The internal control systems continue to be enhanced and developed to safeguard the assets of PPS and to ensure timely and reliable monitoring and reporting. These controls encompass suitable policies, processes, tasks and behaviours with the aim of ensuring compliance with applicable laws and regulations to meet the needs of an ever-changing business environment. The PPS Group Audit Committee’s mandate from the Board is indicated on pages 92 to 95. The following control functions within the Group are responsible for discharging the operations of risk management: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 202 Notes to the Consolidated Financial Statements
RkJQdWJsaXNoZXIy MTY2ODY3Ng==