PPS Integrated Report 2021 Notes to the Consolidated Financial Statements | 194 Notes to the Consolidated Financial Statements (continued) for the year ended 31 December 2021 ~Keep a record of all monitoring and other activities conducted; ~Manages the Group's relationship with its regulators; ~Evaluates the impact of forthcoming legislative regulatory changes and provides advice on required processes and controls enhancements and the adequacy of the proposed controls; ~Reports to Group Risk Committee and the Executive Committee on the status of compliance of the Group; ~Track and report on compliance incidents; ~Operates in accordance with an approved Compliance Plan; ~Assists with implementing procedures for reporting compliance incidences; ~Ensure effective compliance training programmes are established. ~Facilitates the confidential reporting by employees and other stakeholders of concerns, shortcomings or potential violations in respect of PPS policies, regulatory obligations and ethical considerations. Internal audit ~Provides independent and objective assurance on, and evaluation of, the overall effectiveness of the Group’s systems of internal financial control; ~Develops a risk based annual audit plan based on a three-year testing rotation of the control environment for review at the Group Risk Committee and approval at the Group Audit Committee; ~Provides an independent assessment of the effectiveness of management’s implementation of the PPS Group Enterprise Risk Management Framework to the Group Risk Committee; ~Reports to the Audit Committee on the adequacy and effectiveness of the various departments processes for controlling its activities and managing its risks. 38.2 Insurance product risk management General The Group issues contracts that transfer significant insurance risk. This section summarises these risks and the way the Group manages them. The risk under any one insurance contract is the uncertainty surrounding the timing and amount of the claim resulting from the insured event. By the very nature of an insurance contract, this risk is random and therefore unpredictable. The table below provides an overview of the types of products and the terms and conditions of life insurance contracts written by the Group: 38. MANAGEMENT OF RISKS (continued) 38.1 Compliance (continued)
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