Audit and Risk Committee Independent Member at Office of the Pension Funds Adjudicator

Description

Audit Committee matters:

• Review and provide advice to the Accounting Authority regarding the OPFA’s statutory submissions in terms of applicable legislation.
• Provide oversight of the internal audit function by approving the internal audit plan and charter and enhance the effectiveness of the internal audit team.
• Oversee internal controls and risk management by evaluating the OPFA’s internal financial control systems, risk management and cybersecurity measures.
• Enhance financial reporting integrity through the review of annual and interim financial statements for accuracy and evaluation of significant judgments and accounting policies.
• Oversee the activities of external auditors to ensure objectivity and quality.
• Review and monitor the OPFA’s compliance framework regarding legal/regulatory and policy requirements.
• Review and monitor the OPFA’s processes to establish mechanisms to detect and investigate fraud and develop antifraud controls and whistleblowing policies.

Risk Committee matters:

• Review and recommend to the Accounting Authority the OPFA’s risk appetite and tolerance levels.
• Review and oversee the development of the OPFA’s risk management framework (risk management frameworks, policies, procedures, and methodology).
• Provide advice to the Accounting Authority regarding the effectiveness and adequacy of the OPFA’s risk management monitoring systems and controls to mitigate risk exposures.
• Review the effectiveness and adequacy of the OPFA’s risk governance structures and capability to mitigate against risks related to ethics and compliance.
• Review, monitor and advise the Accounting Authority about the OPFA’s cybersecurity risk management and regulatory developments.
• Oversee the development and evaluation of the OPFA’s cybersecurity internal controls, policies and mitigation measures.
• Oversee and provide advice to the Accounting Authority about the OPFA’s processes to develop strategies, policies and risk profiles on the use of Artificial Intelligence, including Generative AI.
• Review and provide advice to the Accounting Authority about the development of OPFA’s crisis management and response strategies and coordination.
• Provide advice to the Accounting Authority about the OPFA’s processes to proactively identify and assess emerging risks, threats, and opportunities.

Role overview of Members (key responsibilities):

• Prepare adequately for meetings.
• Attend scheduled and special committee meetings.
• Participate actively, objectively and courageously in committee meetings and activities.
• Challenge and interrogate management assumptions and proposals.
• Adhere to the Committee Code of Conduct and other applicable policies of the OPFA.

Requirements

• A relevant bachelor’s degree.
• A postgraduate degree in finance/accounting, business administration, Information and Communication technology, Informatics, governance, law or administration and a Chartered Accountant (South Africa) qualification would be advantageous.
• At least 5 years of executive management, business administration, or governance experience.
• Previous experience serving on a board or committee of a public entity will be an added advantage.
• Membership in a relevant professional body is a minimum requirement. (e.g., Institute of Directors in South Africa, Legal Practice Council, South African Institute of Chartered Accountants, Institute of Risk Management South Africa, Institute of Internal Auditors South Africa, etc.)
• Knowledge and understanding of the Public Finance Management Act, 1999 (PFMA), Treasury Regulations, the Companies Act, King V principles on corporate governance, and other relevant legislation and regulatory frameworks.
• Must not be a disqualified person as per Section 69 of the Companies Act, 2008.