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Governance
Robust Governance Structure
Amna AM’s three-tier governance framework ensures comprehensive oversight:
- Board Risk Committee: Provides executive authority and ultimate oversight.
- Investment Committee: Manages day-to-day portfolio operations, provides portfolio management strategies and research.
- Risk Management Committee: Oversees the overall risk management of the portfolios.
Board Risk Committee
The Board Risk Committee at Amna Asset Manager brings together over a century of combined experience in risk management, banking, asset management, investment banking, corporate governance, inter alia.
The Amna Board Risk Committee:
- Composed of majority independent non-executive directors: It includes individuals with expertise in banking, fintech, telecommunications, asset management, legal affairs, Financial Markets, and Investments.
- Provides the overall strategic direction: It ensures good governance across all portfolios.
- Complies with various regulations: This includes the Companies Act, King IV Report on Corporate Governance, and JSE/other Listing Requirements, SARB, FIC, FSCA, inter alia.
- Establishes portfolio policies: These policies cover risk management, compliance, and financial reporting.
Governance Structure
This structure below details Amna Asset Manager’s governance from top authoritative commitees to operational committees
Portfolio Manangement reporting structure
Board
Board Risk Committee
Investment Committee
Chief Risk Officer
Chief Investment Officer
Internal (Liquidity Tranche)
USD Cash Portfolio
ZAR Cash Portfolio
External (Investment Tranche)
ZAR Treasuries Portfolio
USD Treasuries Portfolio
ZAR Cash Portfolio
EURO Blended Portfolio
Portfolio Managers
Front Office-Traders/Dealers
Middle Office-Risk Management Division
Back Office-Finance Division
Committee of Sponsoring Organizations of the Treadway Commission (COSO)
Compliance
& Risk Manangement
Risk Management as a line of defence
| Line of Defence | Role Player | Role and Duties |
|---|---|---|
| First line of defence | Portfolio Managers | This responsibility rests with the business unit and its Asset Manager: assessing, evaluating, and measuring risk on a day-to-day basis. This process includes implementing the group’s risk management framework, identifying issues, and taking remedial action where required. |
| Second line of defence | Risk management team | The risk management function is primarily accountable for setting the risk management framework and policy, providing oversight, and independent reporting to executive management through the board risk committee. |
| Third line of defence | Internal/external audit functions | Provides an independent assessment of the adequacy and effectiveness of the overall risk management framework and risk governance structures. The additional defence is also provided by the external auditors. |