The PPS Group boards are ultimately accountable for compliance with applicable laws and adopted non-binding rules, codes and standards. The primary objective of the Compliance function is to assist the boards with this responsibility. Management is committed to ensuring that the business is run with integrity, complies with all regulatory and best practice requirements and is conducted in accordance with the highest ethical standards. The appointed Compliance Officer is responsible for the effective implementation of the Compliance Monitoring Framework and for facilitating compliance throughout the business by creating awareness, independent monitoring, reporting and the provision of practical solutions or recommendations. However, the primary responsibility for complying with any regulatory requirement lies with all members of staff conducting the particular transaction or activity to which the requirement applies.
PPS has implemented a combination of a centralised and a decentralised compliance function. Group Compliance is the central department, whose main role is the development of the compliance policy (the boards determine such policy) and related standards to ensure a consolidated compliance risk management process and reporting throughout the Group. The decentralised compliance function consists of business units which have their own compliance functions that are responsible for implementing the PPS Group policies, monitoring the activities of the business units and reporting the status of compliance to Group Compliance. PPS Investments, PPS Healthcare Administrators, PPS Short-Term Insurance and Professional Provident Society Insurance Company (Namibia) Limited (PPS Namibia) have their own business unit compliance officers with oversight by Group Compliance for compliance related matters. Group Compliance assumes direct responsibility for compliance risk management in PPS Insurance and its divisions.
The compliance function performs its activities in accordance with these five principles: