CFSL Integrated Report 2025

CORPORATE GOVERNANCE

112

Risk Management

Statutory Disclosures

Financial

ii. The Risk Management Committee (‘RMC’)

Mandate

To oversee the risk-related issues of the Group and helps in maintaining an effective internal control system and risk management systems.

Composition:

• 3 Independent Directors, namely Mr Denis Motet (Chairperson), Mr Fareed Jaunbocus and Mrs Jenny Chan; • 1 Non-executive Director, namely Mr Matthew Taylor; and • 1 Executive Director, namely Mr Ambrish Maharahaje.

“During the year under review, the RMC met five (5) times to ensure that key risks are effectively identified, monitored, and mitigated across the Group. As part of its mandate, the RMC reviewed the Group’s risk appetite and assessed the principal risks faced by the organisation. The Committee also took note of the periodic reports issued by the Risk Management function, which provided insight into the effectiveness of existing controls and emerging risk exposures. A major area of focus during the year was IT and Cybersecurity risk, reflecting the increasing significance of digital threats in the financial services sector. The Committee closely monitored the ongoing IT/ Cybersecurity initiatives, which are part of the broader remediation plan for CFSL. These efforts are aimed at strengthening the Group’s resilience against a rapidly evolving threat landscape and ensuring alignment with the Bank of Mauritius (BoM) Guideline on Cyber and Technology Risk Management. The RMC also took note of the gap report submitted to the BoM and reviewed corresponding action plans. Other key topics discussed at the Committee meetings included: (i) the Group’s Data Migration Strategy, (ii) progress on the Core Lending System implementation project, (iii) people risk, including workforce-related issues and mitigation strategies and (iv) the review of the report following the fire incident at Cim House in February 2025 and (v) the enhancements to the Business Continuity Management (BCM) framework so as to improve the Company’s resilience capabilities.”

Denis Motet Chairperson