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Our Regulatory and Compliance
The platform, which includes a linked life insurer, forms part of the 27four Group and as a result, is considered to be an insurance group.
To ensure proper governance and compliance of the entity, the below governing bodies have been established.
Governing bodies and their function
Board of Directors
The Board is established in terms of the 27four Group Board Charter. The Board consists of 2 independent non-executive members, one non-executive and one executive member with the necessary blend of skills, competencies and attributes, which includes an intimate understanding of the Institution’s mandate and operations and can act independently and objectively in the interest of the platform.
An independent committee who reports directly to the Board. The primary purpose of the audit committee is to provide oversight of the financial reporting process, audit process, company’s system of internal controls and compliance with the applicable laws and regulations. Controls over financial reporting, information technology security and operational matters fall under the scope of the committee.
An independent committee who reports directly to the Board. The role of the committee is to perform an oversight function and evaluate the risk policy and plan, risk appetite and risk tolerance. They are responsible for ensuring that risk assessments are performed regularly and that the platform has and maintains an effective on-going risk assessment process.
Internal Audit Function
Compulsory control function. The internal audit function is outsourced to Mazars. The work of the internal audit is to operate as a ‘third-line of defense’ in providing independent and objective internal control assurance. Internal Audit maintains its independence and objectivity in the discharge of its responsibilities, and appropriate reporting lines are in place to support this goal.
Compulsory control function. The Actuarial Function is fulfilled by the statutory actuary, David Kirk of Milliman Proprietary Limited. He performs his duties in terms of the Insurance Act (18 of 2017) including relevant amendments, Prudential Standards, regulations, Prudential Authority directives and guidance notes. An annual report on the activities undertaken by the actuarial function is provided to the Audit Committee for review. The report includes details of any deficiencies identified and recommendations as to how such deficiencies should be remedied.
The Compliance Function has been established at a group entity level and provides compliance services to the platform. This function is viewed as a compulsory control function within the group. 27four’s compliance functions assist management in identifying, assessing and reporting on regulatory compliance risks and the development of compliance plans.
Risk Management Function
Compulsory control function outsourced to Milliman Propriety Limited and headed by David Kirk. The responsibilities of the Head of Risk Management Control Functions, are set out in the engagement letter entered into between 27four Life and Milliman Proprietary Limited.