Our governance structure ensures that the Board of the IRFA and the committees implement practices, processes and procedures in line with best practices principle. The aim is to drive the identification, monitoring and evaluation of best practices principles in minimizing the risks associated with non-compliance with the applicable practices.
The Board ensures that the IRFA Committees’ conducts are in relation to its corporate and societal obligations, including setting guidance, direction and policies for the IRFA’s membership and corporate responsibility (CR) agenda and related activities and advising the Board on these matters.
The Board is committed to providing governance and conduct oversight to the IRFA and its associate partner.
The IRFA's Board ensures that the organisation and Committees are compliant to the corporate governance principles, culture and ethical values of the IRFA; in line with the its strategic priorities including the provision of approvals where required.
The IRFA is committed to managing risk in accordance with the process as described in the Enterprise Risk Management (ERM) ISO 31000, the global risk management standard. Enterprise Risk Management (ERM) provides a framework for organisations to deal with and to react to uncertainty. By identifying and proactively addressing risks and opportunities, organisations protect and create value for their stakeholders, members including employees, customers, regulators, and society at large.
The standard requires that IRFA’s risk management strategy is a systematic hierarchical driven process to identify, analyse, assess, communicate and treat risks that can adversely impact on the performance and standing of the organisation.
King IV Principle 4.1 states that the “governing body should govern risk and opportunity in a way that supports the organisation in defining its core purpose and to set and achieve strategic objectives”.