Page 55 - Stanbic Bank IR 2024

STANBIC BANK BOTSWANA LIMITED | Integrated Report 2024 53

PRINCIPLE 15 PRINCIPLE 16

Assurance Stakeholders

The Board ensures that assurance In the execution of its governance
services and functions enable an role and responsibilities, the Board
effective control environment, and adopts a stakeholder-inclusive
that these support the integrity of approach that balances the needs,
information for internal decision- interests, and expectations of
making and of the Bank’s external material stakeholders in the best
reports. interest of the group over time.

The Board has oversight over assurance providers. The The Board understands the value of a stakeholder-
Board Audit Committee is responsible for inclusive approach in execution of its duties. The Bank’s
recommending the appointment of auditors to the stakeholder engagement activities are underpinned by
Board and overseeing the external audit process. The stakeholder engagement principles that set out the
Board Audit Committee has been delegated the formal processes and areas of responsibility. The Bank’s
responsibility to ensure that all assurance activities are stakeholder engagement report forms part of the
well coordinated and complimentary. Board’s agenda and is considered by the Board in its
meetings.
The Board Audit Committee mandate requires that the
Committee provides oversight over the application of a Through the stakeholder engagement processes, the
combined assurance model. The Audit Committee Bank is committed to understanding and being
reviews the plans and work outputs of both external and responsive to the interests and expectations of
internal auditors as well as work on the compliance and stakeholders and to partnering with them to find
operational risk and assesses their adequacy to address solutions to sustainability challenges.
all significant financial risks faced by the business or
which can impair the integrity of information used for
decision making and external reporting.
The Board Audit Committee is responsible for
overseeing the Internal Audit function. The Committee
reviews and approves the annual internal audit charter
and audit plan, and evaluates the independence,
effectiveness and performance of the internal audit
department and its compliance with its charter. The
Committee has further been tasked the responsibility to
review significant issues raised in the internal audit
processes and the adequacy of corrective action in
response to such findings; it assesses the adequacy of
the performance of the internal audit function and
adequacy of the available internal audit resources.