Our risk management framework addresses all significant risks and implements a bottom-up top-down approach.
While our board of directors has delegated its responsibility for risk management to the audit and risk committees, it still retains ultimate accountability for the governance of risks, which potentially impact on Octodec’s ability to achieve its business objectives.
As part of the risk management framework, all internal stakeholders, including the board of directors are consulted and a risk register is prepared. The risks identified are managed in terms of effective control systems and within risk tolerance levels established by the board of directors.
The enterprise risk management framework clearly defines Octodec’s risk management philosophy and encourages and inculcates a risk management culture throughout the company and within City Property, which manages these risks on Octodec’s behalf.
The risk register is presented quarterly to the Octodec’s risk and audit committees and to the board of directors.
Our use of a combined risk management assurance model has two important aims: to provide the board of directors and its committees with oversight of Octodec’s risk management activities and to embed the culture and practice of risk management in the day-to-day activities of the business.