The Company’s Vigil mechanism consists of three lines of defence:
(i) First line of Defence consists of functions that own and manage risk which in the MFI consists of the business unit and support function heads through adherence to the laid down procedures
(ii) Second Line of Defence consists of functions that oversee risks which in the MFI consist of the Risk Management department. They ensure the First Line of Defence of the MFI is properly designed, in place and operating as intended through regular reporting to RMCB and Board.
(iii) Third Line of Defence consists of functions that provide independent assurance which in the MFI is provided by Internal Audit which provides the highest level of independent Assurance on the effectiveness of governance, risk management, internal controls and the manner in which the First and Second Lines of Defence achieve risk management and control objectives, achieved through audit of all departments and reporting to the Board.