Annual Report 2006-07: Risk Management
The development and implementation of the CASA risk management framework has enabled an enterprise-wide approach to risk management. The uniform application of risk management practices will allow:
- more effective strategic and business planning
- better cost control with fewer costly surprises
- more systematic and thorough decision making
- greater transparency in decision making
- better identification of opportunities
- increased knowledge and understanding of exposure to risk
- prevention of, rather than reaction to, high-risk situations
- compliance with relevant legislation
- better preparedness for external review.
The internal audit programme focuses on high-risk areas in CASA; provides independent reviews of policies, procedures and practices; and recommends ways of improving the efficiency and effectiveness of CASA operations. The programme also monitors and reviews compliance with statutory obligations.
Internal audit results are provided to the CASA Audit and Risk Committee as well as to the group or office audited.
CASA’s rigorous risk-based approach to internal audit will ensure an even greater focus on our major risks.