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19. Communication and reporting 

(1) Relevant information, properly and timeously communicated is essential to equip the relevant officials to identify, assess and respond to risks.

(2) The Institution's risk communication and reporting process should support enhanced decision making and accountability through:

a) disseminating relevant, timely, accurate and complete information;

b) providing information of appropriate content, granularity and style to the respective audience that empowers: officials to take proper risk actions, managers to manage risk within their portfolios, oversight functions and regulatory authorities to oversee risk management efficacy and citizens to be kept informed, and

c) communicating responsibilities and actions.

(3) Risk reports are valuable when they report on the status of the Institution's risk profile, elaborating on:

a) what has actually happened vs expectations, why and any remedial actions;

b) what is new, changed or has gone away since the previous report, and why this is so;

c) future expectations, and

d) the state of the Institution's risk maturity.

(4) The Institution must ensure compliance with all mandatory reporting on risk and risk management, for example: 

a) disclosures required in the annual financial statements and annual report;

b) reporting instructions of provincial and national government, and

c) reporting instructions of oversight and regulatory authorities.

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