Interfront 2024 Annual Report

INTERFRONT ANNUAL REPORT 2024 Furthermore, our human resource policies and practices, including our Personal Development Process, provide staff and management with opportunities for personal growth, continuous improvement and development. These policies are aligned to our objectives and ethical standards, ensuring that we attract, retain and develop talent committed to our core values.  RISKASSESSMENT   is acomprehensiveprocessbywhich internal andexternal risks to Interfront are identified, evaluated, prioritised and mitigated. This process helps the management team understand which risks are likely to occur and how to manage them to ensure that Interfront achieves its strategic outcome-oriented goals. The process begins with identifying potential risks, followed by evaluating their likelihood and impact. Risks are then prioritised based on their potential effect on the organisation. Interfront develops and implements strategies to mitigate, transfer, accept or avoid identified risks. The Interfront Risk Management Forum is responsible for assessing these risks. EXCO, the SARS/Interfront Audit and Risk Committee and the Interfront Board regularly review and monitor the risk environment and the effectiveness of risk responses. Clear communication and reporting of risk information to relevant stakeholders ensure that everyone is informed and engaged in managing risks effectively.  CONTROL ACTIVITIES   are essential for ensuring operational integrity, managing risks, complying with regulations, protecting assets, maintaining financial accuracy, preventing fraud, optimising efficiency and promoting business continuity. Policies and procedures are designed to ensure that directives are known, understood and diligently adhered to. These activities include, but are not limited to, approval authorisation, verification, reconciliation, performance appraisals, asset security and segregation of duties. Control activities at Interfront are managed through the Delegation of Authority and approved policies and procedures. These include both preventive controls, such as authorisation and segregation of duties, and detective controls, such as reconciliations and performance reviews. The organisation also places a strong emphasis on information technology controls to safeguard data integrity and security. Interfront’s performance is reviewed quarterly against its annual targets as outlined in the Annual Performance Plan. Financial Statements, Cash Flow Projections, and Budgeted Expenditure vs. Actual Expenditure reports are submitted for review at every Board meeting. Comprehensive policies and procedures have been developed and adopted to ensure sufficient controls to safeguard Interfront’s assets and regulate their movement and control.  INFORMATION AND COMMUNICATION   are crucial for strengthening internal controls and ensuring effective day-to-day operations. They provide the necessary support for informed decision-making, enhance transparency, and facilitate the timely identification and management of risks. It is crucial that communication flows both top-down and bottom-up to ensure transparency and responsiveness. The effectiveness of control activities is continuously monitored to ensure they are operating as intended and are adapted as necessary to address changing risks. EXCO meets with line managers monthly to discuss team-specific and company-wide risks, address concerns, and highlight matters requiring management attention.